<SEC-DOCUMENT>0000891092-15-005304.txt : 20150622
<SEC-HEADER>0000891092-15-005304.hdr.sgml : 20150622
<ACCEPTANCE-DATETIME>20150622154841
ACCESSION NUMBER:		0000891092-15-005304
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150430
FILED AS OF DATE:		20150622
DATE AS OF CHANGE:		20150622
EFFECTIVENESS DATE:		20150622

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:		15944792

	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>e64660nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FORM N-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED <BR>
MANAGEMENT INVESTMENT COMPANY</B></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&#8217;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: 07/31/2015</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: 04/30/2015</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 &#8211; Schedule of Investments</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> April 30, 2015 (Unaudited) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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<DIV STYLE="margin-right: 20pt; width: 48%; float: left; font-size: 8pt"><FONT STYLE="font-size: 8pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt"></FONT><TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Municipal Bonds</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Par<br>
    (000)</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Value</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid"><FONT STYLE="font-size: 8pt">California
                                         &mdash; 94.2%</FONT></P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Corporate&nbsp;&nbsp;&mdash; 0.7%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">City of Chula Vista California,
    Refunding RB, <BR>
    San Diego Gas &amp; Electric:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Series A, 5.88%, 2/15/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">685</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">804,259</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Series D, 5.88%, 1/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,935,250</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,739,509</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">County/City/Special District/School
    District&nbsp;&nbsp;&mdash; 31.7%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Butte-Glenn Community College
    District, GO, Election of 2002, Series C, 5.50%, 8/01/30</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,425</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,785,553</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Cerritos Community College District,
    GO, Election of 2004, Series C, 5.25%, 8/01/19 (a)</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,523,290</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">City of San Jose California Hotel
    Tax, RB, Convention Center Expansion &amp; Renovation Project:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.13%, 5/01/31</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">597,890</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.50%, 5/01/36</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,210</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,475,740</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.50%, 5/01/42</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,225</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,691,605</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">County of Kern California, COP,
    Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,317,180</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">County of Orange California Water
    District, COP, Refunding, 5.25%, 8/15/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,301,260</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">County of San Joaquin California
    Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.00%, 3/01/36</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,880</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,493,584</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.50%, 3/01/41</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,265</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,144,360</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">County of Santa Clara California
    Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">20,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">22,047,200</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Evergreen Elementary School District,
    GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,835,400</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Grossmont Healthcare District,
    GO, Election of 2006, Series B (a):</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.00%, 7/15/21</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,235</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,959,866</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.13%, 7/15/21</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,462,600</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Irvine California Unified School
    District, Refunding (BAM), Special Tax Bonds, 5.00%, 9/01/38</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,825</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,210,189</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">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; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,135</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,899,313</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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</DIV><DIV STYLE="width: 48%; float: right; font-size: 8pt"><FONT STYLE="font-size: 8pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
      <TR STYLE="font-size: 8pt"></FONT><TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Municipal Bonds</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Par<br>
    (000)</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Value</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid"><FONT STYLE="font-size: 8pt">California
                                         (continued)</FONT></P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">County/City/Special
    District/School District (continued)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">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; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,315</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,202,005</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Los Angeles California Municipal
    Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,065</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,792,283</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Modesto Irrigation District, COP,
    Capital Improvements, Series A, 5.75%, 10/01/29</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,015</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,454,497</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Oak Grove School District California,
    GO, Election of 2008, Series A, 5.50%, 8/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,931,200</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Pico Rivera Public Financing Authority,
    RB, 5.75%, 9/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,309,360</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Pittsburg Unified School District,
    GO, Election of 2006, Series B (AGM), 5.50%, 8/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,260,780</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Sacramento Area Flood Control
    Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,865</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,709,856</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">San Diego Community College District
    California, GO, Election of 2002, 5.25%, 8/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,730,160</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">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; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,520</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,263,820</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">San Jose California Financing
    Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/32</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,375</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,845,981</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">San Leandro California Unified
    School District, GO, Election of 2010, Series A, 5.75%, 8/01/41</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,060</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,656,119</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">San Ramon Valley Unified School
    District, GO, Election of 2012, 4.00%, 8/01/40</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,665</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,707,224</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Santa Ana Unified School District,
    GO, Election of 2008, Series A:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.50%, 8/01/30</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,525</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,393,282</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.13%, 8/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">10,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,144,500</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt">Snowline Joint Unified School
    District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,250</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,608,178</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</TABLE>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%"><FONT STYLE="text-transform: uppercase">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT></TD><TD NOWRAP STYLE="text-align: center; width: 34%"><FONT STYLE="text-transform: uppercase">April
                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (continued) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>



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<DIV STYLE="margin-right: 20pt; width: 48%; float: left; font-size: 8pt"><FONT STYLE="font-size: 8pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt"></FONT><TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Municipal Bonds</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Par<br>
    (000)</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Value</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid"><FONT STYLE="font-size: 8pt">California
                                         (continued)</FONT></P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">County/City/Special
    District/School District (concluded)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Torrance
    Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/19 (a)</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,822,200</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Tustin
    California School District, GO, Election of 2008, Series B, 5.25%, 8/01/31</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,445</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,979,320</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">West
    Contra Costa California Unified School District, GO, Series A:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Election of 2010 (AGM), 5.25%, 8/01/32</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,945</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,818,435</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Election of 2012, 5.50%, 8/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,906,150</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">161,280,380</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Education&nbsp;&nbsp;&mdash; 2.4%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">California
    Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,280</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,683,768</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">California
    Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,884,875</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">California
    School Finance Authority, RB, Alliance For College-Ready Public Schools Projects, 5.00%, 7/01/45 (b)</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,335</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,415,768</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,984,411</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Health&nbsp;&nbsp;&mdash; 15.1%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">ABAG
    Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Series A, 6.00%, 8/01/30</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,500</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,822,425</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Series B, 6.25%, 8/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,960</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,857,363</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">California Health Facilities Financing
    Authority, RB:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Adventist
    Health System West, Series A, 5.75%, 9/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,700</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,702,253</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Catholic
    Healthcare West, Series J, 5.63%, 7/01/15 (a)</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,750</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,838,822</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Children's Hospital, Series A, 5.25%, 11/01/41</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,800</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,835,144</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">St.
    Joseph Health System, Series A, 5.75%, 7/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">375</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">433,253</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Sutter Health, Series A, 5.25%, 11/15/46</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,195</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,480,569</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Sutter Health, Series B, 6.00%, 8/15/42 &nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,015</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,185,098</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



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</DIV><DIV STYLE="width: 48%; float: right; font-size: 8pt">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Municipal Bonds</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Par<br>
(000)</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Value</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Health (concluded)</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">6.00%, 7/01/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">4,475</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">5,171,981</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">6.00%, 7/01/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,550</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">6,404,811</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Statewide Communities Development Authority, RB, Kaiser Permanente, Series B, 5.25%, 3/01/45</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,000</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,060,000</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Statewide Communities Development Authority, Refunding RB:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Catholic Healthcare West, Series B, 5.50%, 7/01/30</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,920</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">3,182,771</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Catholic Healthcare West, Series E, 5.50%, 7/01/31</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,065</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,525,358</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,449,520</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Washington Township Health Care District, GO, Series B, 5.50%, 8/01/38</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,625</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">1,935,115</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">76,884,483</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">State&nbsp;&nbsp;&mdash; 9.4%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">State of California, GO, Various Purposes:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">6.00%, 3/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,398,620</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">6.00%, 4/01/38</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">15,875</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">18,577,560</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">State of California Public Works Board, LRB:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">9,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,764,540</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Various Capital Projects, Series I, 5.50%, 11/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,940</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,914,464</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,025</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">6,112,611</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">State of California Public Works Board, RB, Department of Corrections &amp; Rehabilitation, Series F, 5.25%, 9/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">3,335</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">3,903,451</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">47,671,246</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">Tobacco&nbsp;&nbsp;&mdash; 3.9%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Senior, Series A-1, 5.75%, 6/01/47</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">8,465</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">7,310,290</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
</TABLE>



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</div><br style="clear:both"><br style="clear:both">


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%"><FONT STYLE="text-transform: uppercase">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT></TD><TD NOWRAP STYLE="text-align: center; width: 34%"><FONT STYLE="text-transform: uppercase">April
                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><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; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (continued) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left; font-size: 8pt"><FONT STYLE="font-size: 8pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt"></FONT><TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Municipal Bonds</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Par<br>
    (000)</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">Value</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid"><FONT STYLE="font-size: 8pt">California
                                         (continued)</FONT></P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Tobacco (concluded)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Golden State Tobacco Securitization
    Corp., Refunding RB, Asset-Backed (concluded):</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Series A, 5.00%, 6/01/40</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt"><FONT STYLE="font-size: 8pt">11,480</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 16%; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">12,706,064</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">20,016,354</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Transportation&nbsp;&nbsp;&mdash; 10.1%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">City &amp; County of San Francisco
    California Airports Commission, ARB, Series E, 6.00%, 5/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,750</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,910,527</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">City of Los Angeles California
    Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.00%, 5/15/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,650</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,554,998</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.00%, 5/15/40</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,814,560</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">City of San Jose California, Refunding
    ARB, Series A-1, AMT:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">5.75%, 3/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,895</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,311,243</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">6.25%, 3/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,650</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,122,707</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">County of Orange California, ARB,
    Series B, 5.75%, 7/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">8,795,200</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">County of Sacramento California,
    ARB:</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">PFC/Grant, Sub-Series D, 6.00%, 7/01/35</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">3,403,830</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Senior Series B, 5.75%, 7/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,850</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,086,634</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Senior Series B, AMT (AGM), 5.25%, 7/01/33</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,198,940</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Los Angeles Harbor Department,
    RB, Series B, 5.25%, 8/01/34</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">5,580</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,366,892</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">51,565,531</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt"><FONT STYLE="font-size: 8pt">Utilities&nbsp;&nbsp;&mdash; 20.9%</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Anaheim Public Financing Authority,
    RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,690</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">9,017,909</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">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; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">6,555</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">7,696,225</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">City of Los Angeles California
    Department of Water &amp; Power, Refunding RB, Series A, 5.25%, 7/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">4,474,680</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">City of Los Angeles California
    Wastewater System, Refunding RB, Series A, 5.00%, 6/01/39</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,000</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">2,245,200</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV STYLE="width: 48%; float: right; font-size: 8pt">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Municipal Bonds</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Par<br>
(000)</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Value</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid">California (concluded)</P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Utilities (concluded)</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,625</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">6,798,656</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">City of San Francisco California Public Utilities Commission Water Revenue, RB, Series A:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">5.00%, 11/01/35</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">10,625</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">12,085,087</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">5.00%, 11/01/37</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,625,600</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,250</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,671,600</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,270</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,062,256</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,425</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,904,932</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 6/01/36</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">6,745</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">7,771,724</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">El Dorado Irrigation District / El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,000</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,591,600</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">Los Angeles Department of Water &amp; Power, RB:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Power System, Sub-Series A-1, 5.25%, 7/01/38</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">9,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,018,530</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series A, 5.38%, 7/01/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">3,250</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">3,674,288</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,020</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">12,580,763</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">106,219,050</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt; border-top: Black 1pt solid"><b>Total Municipal Bonds in California</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; border-top: Black 1pt solid">479,360,964</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid">Multi-State &mdash; 0.9%</P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">Housing&nbsp;&nbsp;&mdash; 0.9%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">Centerline Equity Issuer Trust (b)(c):</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series A-4-1, 5.75%, 5/15/15</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">500</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">500,415</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series A-4-2, 6.00%, 5/15/19</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,135,460</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series B-3-1, 6.00%, 5/15/15</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,500</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,500,000</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series B-3-2, 6.30%, 5/15/19</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,145,630</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><b>Total Municipal Bonds in Multi-State</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">4,281,505</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><b>Total Municipal Bonds</b> &mdash; <b>95.1%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">483,642,469</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>



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                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (continued) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 8pt">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Tender Option Bond Trusts (d)</P></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Par<br>
(000)</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Value</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid">California &mdash; 66.3%</P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">County/City/Special District/School District&nbsp;&nbsp;&mdash; 26.1%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">9,695</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,829,366</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Los Angeles Community College District California, GO:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a)</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">8,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">8,757,600</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Election of 2008, Series C, 5.25%, 8/01/39 (e)</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">12,900</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">15,029,597</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Los Angeles Community College District California, GO, Refunding, Election of 2008, 6.00%, 8/01/19</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">20,131</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">24,203,970</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,000</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,658,100</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">15,140</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">17,334,240</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,484</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">12,093,207</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 8/01/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,505</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">16,394,994</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">San Jose Unified School District Santa Clara County California, GO:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Election of 2002, Series D, 5.00%, 8/01/32</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,625</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">16,240,880</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Series C, 4.00%, 8/01/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">6,100</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">6,256,465</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">132,798,419</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">Education&nbsp;&nbsp;&mdash; 16.0%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (e)</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,395</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,642,400</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">13,095</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,371,067</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt">University of California, RB:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Limited Project, Series D (AGM), 5.00%, 5/15/16</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,600</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">2,742,142</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Series AM, 5.25%, 5/15/44</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,000</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">5,824,800</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Series O, 5.75%, 5/15/19</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">12,300</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,590,137</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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</DIV><DIV STYLE="width: 48%; float: right; font-size: 8pt">



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 8pt">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Tender Option Bond Trusts (d)</P></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Par<br>
(000)</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Value</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-size: 8pt"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-bottom: blue 1pt solid">California (concluded)</P>

</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Education (concluded)</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">University of California, Refunding RB:</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 6%; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series AI, 5.00%, 5/15/38</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">14,225</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; font-size: 8pt">16,038,398</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Series I, 5.00%, 5/15/40</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,065</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: Black 1pt solid">16,120,316</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">81,329,260</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">Health&nbsp;&nbsp;&mdash; 4.1%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">18,960</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">20,951,369</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="6" STYLE="font-weight: bold; font-size: 8pt">Utilities&nbsp;&nbsp;&mdash; 20.1%</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/17 (a)</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">14,700</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">15,841,455</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">County of Orange California Water District, COP, Refunding, 5.00%, 8/15/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,480</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,908,319</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">10,040</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,035,968</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">18,002</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">19,949,047</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Los Angeles Department of Water &amp; Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">15,998</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">17,331,464</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">11,180</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">12,087,033</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/39</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">12,457</td>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">14,149,215</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="font-size: 8pt">&nbsp;</td>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">102,302,501</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Total Municipal Bonds Transferred to </b></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Tender Option Bond Trusts</b> &mdash; <b>66.3%</b></P></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">337,381,549</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><b>Total Long-Term Investments</b><br>
<b>(Cost &mdash; $748,427,107) &mdash; 161.4%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">821,024,018</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; background-color: #0070C0; color: #47B0FF; font-size: 8pt">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; font-size: 8pt">Short-Term Securities</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">Shares</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; font-size: 8pt">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt">BIF California Municipal Money Fund, <BR>
0.00% (f) (g)</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,540,647</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,540,647</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 8pt"><b>Total Short-Term Securities</b><br>
<b>(Cost &mdash; $1,540,647) &mdash; 0.3%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">1,540,647</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>

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<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%"><FONT STYLE="text-transform: uppercase">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT></TD><TD NOWRAP STYLE="text-align: center; width: 34%"><FONT STYLE="text-transform: uppercase">April
                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><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; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (continued) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</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">Value</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom"><b>Total Investments</b><br>
<b>(Cost &mdash; $749,967,754) &mdash; 161.7%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right">822,564,665</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom"><b>Other Assets Less Liabilities</b> &mdash; <b>2.6%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">13,002,871</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom"><b>Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable</b> &mdash; <b>(30.6%)</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">(155,550,553)</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom"><b>VMTP Shares, at Liquidation Value</b> &mdash; <b>(33.7%)</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">(171,300,000)</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="7" STYLE="font-size: 2pt">&nbsp;</td>
<tr>
    <td colspan="4" style="vertical-align: bottom"><b>Net Assets Applicable to Common Shares</b> &mdash; <b>100.0%</b></td>
    <TD STYLE="vertical-align: bottom; text-align: right">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">508,716,983</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="7" STYLE="font-size: 2pt">&nbsp;</td>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">


<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 2%; text-align: center">*</td>
    <td style="width: 98%">As of April 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:<br>
<br></td></tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; width: 72%; font-size: 8pt">Tax cost&#9;</td>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">594,807,914</td>
    <TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="4" STYLE="font: 8pt Times New Roman, Times, Serif">&#9;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Gross unrealized appreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt">74,646,878</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Gross unrealized depreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">(2,422,671)</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt">Net unrealized appreciation&#9;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">$</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt">72,224,207</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="4" STYLE="font: 8pt Times New Roman, Times, Serif">&#9;</td></tr>
</table>


<!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
</div><br style="clear:both"><br style="clear:both">

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<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>
<tr>
    <td style="vertical-align: top; width: 5%">(a)</td>
    <td style="vertical-align: bottom; width: 95%">U.S. 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.</td></tr>
<tr>
    <td style="vertical-align: top">(b)</td>
    <td style="vertical-align: bottom">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.</td></tr>
<tr>
    <td style="vertical-align: top">(c)</td>
    <td style="vertical-align: bottom">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.</td></tr>
<tr>
    <td style="vertical-align: top">(d)</td>
    <td style="vertical-align: bottom">Represent bonds transferred to a TOB Trust in exchange of cash and residual interest certificates received by the Trust. These bonds serve as collateral in a secured borrowing.</td></tr>
<tr>
    <td style="vertical-align: top">(e)</td>
    <td style="vertical-align: bottom">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 agreement, which expire from October 1, 2016 to August 1, 2018 is $14,013,480.</td></tr>
<tr>
    <td style="vertical-align: top">(f)</td>
    <td style="vertical-align: bottom">Represents the current yield as of report date.</td></tr>
<tr>
    <td style="vertical-align: top">(g)</td>
    <td style="vertical-align: bottom">During the period ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of a940, as amended, were as follows:</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold">&#9;&#9;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Affiliate</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<br>
Held at<br>
July 31, 2014</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Net<br>
Activity</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<br>
Held at<br>
April 30, 2015</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Net</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Income</P></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold">&#9;&#9;</td></tr>
<tr>
    <td style="vertical-align: bottom; ">&nbsp;</td>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">BIF California Municipal Money Fund</td>
    <td style="vertical-align: bottom; ">&nbsp;</td>
    <td colspan="6" style="vertical-align: bottom; text-align: center; ">540,673</td>
    <td style="vertical-align: bottom; ">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; text-align: center; ">999,974</td>
    <td style="vertical-align: bottom; ">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center; ">1,540,647</td>
    <td style="vertical-align: bottom; ">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center; ">$1</td>
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-size: 2pt; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-size: 2pt; text-align: center; border-top: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="6" STYLE="font: 12pt Times New Roman, Times, Serif; border-top: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold">&#9;&#9;</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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3">
        <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 colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">AGC</td>
    <td colspan="2" style="vertical-align: bottom">Assured Guarantee Corp.</td></tr>
<tr>
    <td style="vertical-align: top">AGM</td>
    <td colspan="2" style="vertical-align: bottom">Assured Guaranty Municipal Corp.</td></tr>
<tr>
    <td style="vertical-align: top">AMBAC</td>
    <td colspan="2" style="vertical-align: bottom">American Municipal Bond Assurance Corp.</td></tr>
<tr>
    <td style="vertical-align: top">AMT</td>
    <td colspan="2" style="vertical-align: bottom">Alternative Minimum Tax (subject to)</td></tr>
<tr>
    <td style="vertical-align: top">ARB</td>
    <td colspan="2" style="vertical-align: bottom">Airport Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">BAM</td>
    <td colspan="2" style="vertical-align: bottom">Build America Mutual Assurance Co.</td></tr>
<tr>
    <td style="vertical-align: top">COP</td>
    <td colspan="2" style="vertical-align: bottom">Certificates of Participation</td></tr>
<tr>
    <td style="vertical-align: top">GO</td>
    <td colspan="2" style="vertical-align: bottom">General Obligation Bonds</td></tr>
<tr>
    <td style="vertical-align: top">LRB</td>
    <td colspan="2" style="vertical-align: bottom">Lease Revenue Bonds</td></tr>
<tr>
    <td style="vertical-align: top">RB</td>
    <td colspan="2" style="vertical-align: bottom">Revenue Bonds</td></tr>
<tr>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 44%">&nbsp;</td>
    <td style="width: 49%">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 4%; font-weight: bold; text-align: center"><br>
&bull;</td>
    <td style="vertical-align: top; width: 95%; font-weight: bold"><br>
<font style="font-weight: normal">As of April 30, 2015, financial futures contracts outstanding were as follows:</font></td>
    <td style="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif">&#9;&#9;</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Contracts<br>
(Short)</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Issue</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Exchange</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Expiration</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Notional<br>
Value</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Unrealized<br>
Depreciation</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 3pt">&#9;&#9;</FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 77px; border-bottom: Black 1pt solid">(400)</td>
    <TD STYLE="vertical-align: bottom; width: 163px; text-align: center; border-bottom: Black 1pt solid">10-Year U.S. Treasury Note</td>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid">Chicago Board of Trade</td>
    <TD STYLE="vertical-align: bottom; width: 58px; text-align: center; border-bottom: Black 1pt solid">June<br>
2015</td>
    <TD STYLE="vertical-align: bottom; width: 24px; text-align: right; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="vertical-align: bottom; width: 91px; text-align: right; border-bottom: Black 1pt solid">51,350,000</td>
    <TD STYLE="vertical-align: bottom; width: 10px; text-align: right; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="vertical-align: bottom; width: 96px; text-align: right; border-bottom: Black 1pt solid">(12,994)</td>
    <TD STYLE="width: 10px; font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="font: 12pt Times New Roman, Times, Serif">&#9;&#9;</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>



<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%"><FONT STYLE="text-transform: uppercase">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT></TD><TD NOWRAP STYLE="text-align: center; width: 34%"><FONT STYLE="text-transform: uppercase">April
                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><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; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (continued) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3">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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center">&bull;</td>
    <td colspan="2" style="vertical-align: bottom">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. 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. 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. The three levels of the fair value hierarchy are as follows:<br>
<br></td></tr>
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%; text-align: center">&bull;</td>
    <td style="vertical-align: bottom; width: 98%">Level 1 &mdash; unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access</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: center">&bull;</td>
    <td style="vertical-align: bottom">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)</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: center">&bull;</td>
    <td style="vertical-align: bottom">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)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">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. For information about the Trust's policy regarding valuation of investments and derivative financial instruments, refer to the Trust's most recent financial statements as contained in its semi-annual report.<br>
<br>
As of April 30, 2015, the following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy:<br>
<br></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    1</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    2</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    3</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="16" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Assets:</B><SUP> </SUP>&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="16" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Investments:<SUP> </SUP></FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Long-Term Investments<SUP> 1</SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">821,024,018</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">821,024,018</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Short-Term Securities</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,540,647</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,540,647</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="17" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#9;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">1,540,647</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">821,024,018</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">822,564,665</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 18%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 16%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 16%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 22%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</table>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    1</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    2</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    3</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="16" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="15" NOWRAP STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">Derivative Financial Instruments
    <SUP>2</SUP></FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="15" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Liabilities:</B><SUP> </SUP></FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Interest
    rate contracts<SUP> </SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">(12,994)</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">(12,994)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="16" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#9;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="16" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="width: 19%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 16%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 16%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 21%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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



<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD NOWRAP STYLE="text-align: left; width: 33%"><FONT STYLE="text-transform: uppercase">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT></TD><TD NOWRAP STYLE="text-align: center; width: 34%"><FONT STYLE="text-transform: uppercase">April
                                         30, 2015</FONT></TD><TD NOWRAP STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><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; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-top: rgb(0,112,192) 8px solid; padding-top: 3pt"><FONT STYLE="font-size: 16pt; color: Navy">Schedule
    of Investments</FONT><FONT STYLE="color: navy"> (concluded) </FONT></TD>
    <TD NOWRAP STYLE="width: 39%; border-top: rgb(0,112,192) 8px solid; color: Navy; text-align: right; padding-top: 3pt; font-size: 9pt"><B>BlackRock California Municipal Income Trust (BFZ)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="color: Navy; text-align: right; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font-weight: bold"><font style="font-weight: normal">The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:</font><br>
<sup>&nbsp;</sup>&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="18" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    1</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    2</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Level
    3</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Total</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="18" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="17" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Assets:</B><SUP> </SUP>&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash
    pledged for financial futures contracts<SUP> </SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">552,000</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">552,000</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="17" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Liabilities:</B><SUP> </SUP>&nbsp;</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">TOB trust certificates<SUP> </SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(155,532,544)</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(155,532,544)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt">VMTP Shares<SUP> </SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(171,300,000)</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">(171,300,000)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="9" STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total</B><SUP> </SUP></FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">552,000</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">(326,832,544)</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">&mdash;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">$</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">(326,280,544)</FONT></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD COLSPAN="18" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#9;</FONT></td></tr>
<TR STYLE="font-size: 8pt">
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 18%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 9%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 6%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 16%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 22%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%"><br>
During the period ended April 30, 2015, there were no transfers between levels.</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">Item 2 &#8211; Controls and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 11pt">2(a) &#8211; </FONT></TD>
    <TD COLSPAN="2"><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 &#8243;1940 Act&#8243;)) 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 NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 11pt">2(b) &#8211; </FONT></TD>
    <TD COLSPAN="2"><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 NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 11pt">Item 3 &#8211; </FONT>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Certifications &#8211; Attached hereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&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 NOWRAP STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">BlackRock California Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><U>/s/ <FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&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 NOWRAP>&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 NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: June 22, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&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 NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><U>/s/ <FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD NOWRAP>&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 NOWRAP>&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 NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: June 22, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><U>/s/ <FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&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 NOWRAP>&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 NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: June 22, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e64660ex99cert.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: 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: -0.25pt">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: -0.25pt">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: -0.25pt">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.<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: -0.25pt">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: -0.25pt">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">June
22, 2015</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&#9;John M. Perlowski</P>

<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">June
22, 2015</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Neal J. Andrews</P>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"></P>

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