Form N-CEN - Annual Report for Registered Investment Companies
15 10월 2024 - 10:18PM
Edgar (US Regulatory)
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Trustees/Directors of BlackRock California
Municipal Income Trust, BlackRock Municipal 2030 Target Term Trust, BlackRock
Municipal Income Quality Trust, BlackRock MuniHoldings California Quality Fund,
Inc., and BlackRock MuniHoldings Quality Fund II, Inc:
In
planning and performing our audits of the financial statements of BlackRock
California Municipal Income Trust, BlackRock Municipal 2030 Target Term Trust,
BlackRock Municipal Income Quality Trust, BlackRock MuniHoldings California
Quality Fund, Inc., and BlackRock MuniHoldings Quality Fund II, Inc. (the
“Funds”)
as of and for the year ended July 31, 2024, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Funds’ internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of the Funds’ internal
control over financial reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. A company's internal control over financial reporting is a process
designed 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. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a company's assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions
or that the degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a
material misstatement of the company’s annual or interim financial statements
will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over
financial reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the Funds’ internal control over
financial reporting and its operation, including controls over safeguarding
securities, that we consider to be a material weakness, as defined above, as of
July 31, 2024.
This report is intended solely for the information and
use of management and the Board of Trustees/Directors of the Funds and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ Deloitte & Touche
LLP
Boston, Massachusetts
September 20, 2024
BLACKROCK CALIFORNIA MUNICIPAL INCOME
TRUST
AMENDMENT TO
STATEMENT OF PREFERENCES OF
VARIABLE RATE MUNI TERM PREFERRED SHARES (“VMTP SHARES”)
DATED MARCH 21, 2012
(THE “STATEMENT OF PREFERENCES”)
The undersigned
officers of BlackRock California Municipal Income Trust (the “Trust”), a
Delaware statutory trust, hereby certifies as follows:
1. The
Board of Trustees of the Trust (with the consent of the Holders (as defined in
the Statement of Preferences) of the VMTP Shares required under Section 5 of
the Statement of Preferences) has adopted resolutions to amend the Statement of
Preferences as follows:
(a). The
Statement of Preferences of the Trust is hereby amended by deleting the
definition of “Ratings Spread” in the Statement of Preferences in its entirety
and replacing it with the following definition:
“Ratings Spread” means, with
respect to any Rate Period for any Series of VMTP Shares, the percentage per
annum set forth opposite the highest applicable credit rating assigned to
such Series, unless the lowest applicable credit rating is at or below A1/A+,
in which case it shall mean the percentage per annum set forth opposite
the lowest applicable credit rating assigned to such Series, by either Moody’s
(if Moody’s is then rating the VMTP Shares at the request of the Trust), Fitch
(if Fitch is then rating the VMTP Shares at the request of the Trust) or Other
Rating Agency (if Other Rating Agency is then rating the VMTP Shares at the
request of the Trust) in the table below on the Rate Determination Date for
such Rate Period:
Moody’s/Fitch*
|
Percentage
|
Aa2/AA to
Aaa/AAA
|
0.85%
|
Aa3/AA-
|
0.95%
|
A3/A- to A1/A+
|
1.60%
|
Baa3/BBB- to
Baa1/BBB+
|
2.35%
|
Non-investment
grade or NR
|
3.35%
|
* And/or the
equivalent ratings of an Other Rating Agency then rating the VMTP Shares at
the request of the Trust.
|
2. Except
as amended hereby, the Statement of Preferences remains in full force and
effect.
3. An
original copy of this amendment shall be lodged with the records of the Trust
and filed in such places as the Trustees deem appropriate.
[Signature Page Follows]
IN
WITNESS WHEREOF, BlackRock California Municipal Income Trust has caused these
presents to be signed as of September 29, 2023 in its name and on its behalf by
its Vice President and attested by its Secretary. Said officers of the Trust
have executed this amendment as officers and not individually, and the
obligations and rights set forth in this amendment are not binding upon any
such officers, or the trustees or shareholders of the Trust, individually, but
are binding only upon the assets and property of the Trust.
BLACKROCK CALIFORNIA MUNICIPAL INCOME
TRUST
By: /s/ Jonathan Diorio
Name: Jonathan Diorio
Title: Vice President
ATTEST:
/s/Janey Ahn
Name: Janey Ahn
Title: Secretary
[Signature Page – BFZ Amendment to Statement of
Preferences]
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