BlackRock California Municipal Income Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust seeks to provide current income, which is exempt from regular federal income tax and California income taxes. The Trust will invest at least 80% of its total assets in municipal bonds that are of investment-grade quality, or determined by BlackRock Advisors, LLC to be of equivalent credit quality at the time of purchase. It may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB, or B, by Moody’s, S & P or Fitch, or that are unrated but judged to be of comparable quality by BlackRock, Inc. (BlackRock). The Trust’s investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock.