- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
29 Janvier 2010 - 5:03PM
Edgar (US Regulatory)
UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21125
Name of Fund: BlackRock California Municipal Income Trust II (BCL)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
California Municipal Income Trust II, 55 East 52
nd
Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 11/30/2009
Item 1 Schedule of Investments
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BlackRock California Municipal Income Trust II (BCL)
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Schedule of Investments November 30, 2009 (Unaudited)
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(Percentages shown are based on Net Assets)
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Par
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Municipal Bonds
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(000)
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Value
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California - 116.1%
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Corporate - 2.7%
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California Pollution Control Financing Authority, RB, Waste
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Management Inc. Project, Series C, AMT, 6.75%, 12/01/27
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$ 1,225
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$ 1,273,755
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Los Angeles Regional Airports Improvement Corp. California,
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RB, Series C, AMT, 7.50%, 12/01/24
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1,785
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1,656,533
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2,930,288
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County/City/Special
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Butte-Glenn Community College District, GO, Election of
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District/School District - 52.7%
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2002, Series C, 5.50%, 8/01/30
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3,500
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3,757,530
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Cerritos Community College District, GO, Election of 2004,
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Series C, 5.25%, 8/01/31
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3,000
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3,096,210
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Chabot-Las Positas Community College District California, GO,
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Election of 2004, Series B (AMBAC), 5.00%, 8/01/31
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2,500
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2,523,825
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City & County of San Francisco California, COP, Multiple
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Capital Improvement Projects, Series A, 5.00%, 4/01/29
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2,000
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2,007,260
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Corona-Norca Unified School District California, Special
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Tax Bonds, Community Facilities District No. 98-1
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(AMBAC), 5.10%, 9/01/32
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6,000
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5,818,800
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Long Beach Unified School District California, GO, Refunding,
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Election of 2008, Series A, 5.75%, 8/01/33
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1,000
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1,071,930
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Los Alamitos Unified School District California, GO, School
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Facilities Improvement District No. 1, 5.50%, 8/01/33
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5,125
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5,353,421
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Los Angeles Community College District California, GO,
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Election of 2003, Series F-1, 5.00%, 8/01/33
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1,500
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1,499,895
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Los Angeles Unified School District California, GO,
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Series D, 5.30%, 1/01/34
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2,100
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2,123,499
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Modesto Irrigation District, COP, Capital Improvements,
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Series A, 5.75%, 10/01/29
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3,000
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3,287,880
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Modesto Irrigation District, COP, Series B, 5.50%, 7/01/35
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1,650
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1,733,969
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Oak Grove School District California, GO, Election of 2008,
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Series A, 5.50%, 8/01/33
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2,000
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2,092,960
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Pittsburg Redevelopment Agency, Tax Allocation Bonds,
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Refunding, Subordinate, Los Medanos Community Project,
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Series A, 6.50%, 9/01/28
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2,000
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2,170,520
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San Diego Regional Building Authority California, RB, County
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Operations Center & Annex, Series A, 5.38%, 2/01/36
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1,600
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1,628,272
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San Jose Unified School District Santa Clara County California,
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GO, Election of 2002, Series D, 5.00%, 8/01/32
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2,750
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2,761,330
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Santa Ana Unified School District, GO, Election of 2008, Series
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A, 5.50%, 8/01/30
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5,830
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6,167,090
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Portfolio Abbreviations
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of
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many of the securities have been abbreviated according to the following list.
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AGC
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Assured Guaranty Corp.
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FSA
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Financial Security Assurance Inc.
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AMBAC
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American Municipal Bond Assurance Corp.
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GO
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General Obligation Bonds
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AMT
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Alternative Minimum Tax (subject to)
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MBIA
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Municipal Bond Investors Assurance
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CAB
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Capital Appreciation Bonds
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(National Public Finance Guaranty Corp.)
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COP
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Certificates of Participation
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RB
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Revenue Bonds
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1
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BlackRock California Municipal Income Trust II (BCL)
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Schedule of Investments November 30, 2009 (Unaudited)
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(Percentages shown are based on Net Assets)
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Par
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Municipal Bonds
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(000)
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Value
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Santa Ana Unified School District, GO, Election of 2008, Series
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A, 5.13%, 8/01/33
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$ 2,000
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$ 1,966,200
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Santa Cruz County Redevelopment Agency California, Tax
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Allocation Bonds, Live Oak/Soquel Community Improvement,
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Series A, 6.63%, 9/01/29
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1,000
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1,064,510
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Torrance Unified School District California, GO, Election of
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2008, Measure Z, 6.00%, 8/01/33
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1,500
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1,642,695
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Val Verde Unified School District California, GO, Election of
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2008, Series A, 5.50%, 8/01/33
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5,000
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5,252,700
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Westminster Redevelopment Agency California,
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Tax Allocation Bonds, Subordinate, Commercial
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Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39
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1,400
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1,566,516
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58,587,012
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Education - 5.3%
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University of California, RB, Limited Project, Series D (MBIA),
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5.00%, 5/15/32
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2,500
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2,504,575
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University of California, RB, Limited Project, Series D (MBIA),
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5.00%, 5/15/37
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1,335
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1,301,879
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University of California, Refunding RB, General, Series A
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(AMBAC), 5.00%, 5/15/33
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2,000
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2,029,740
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5,836,194
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Health - 16.7%
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ABAG Finance Authority for Nonprofit Corps., Refunding RB,
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Sharp Healthcare, 6.38%, 8/01/34
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1,000
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1,043,860
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California Health Facilities Financing Authority, Refunding RB,
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Catholic Healthcare West, Series A, 6.00%, 7/01/34
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1,400
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1,458,954
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California Health Facilities Financing Authority, Refunding
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RB, Providence Health & Services, Series C,
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6.50%, 10/01/38
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1,000
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1,108,260
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California Infrastructure & Economic Development Bank,
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RB, Kaiser Hospital Assistance I-LLC, Series A,
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5.55%, 8/01/31
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1,735
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1,738,834
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California Statewide Communities Development Authority,
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RB, Health Facility, Memorial Health Services, Series A,
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5.50%, 10/01/33
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7,000
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7,018,410
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California Statewide Communities Development Authority,
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RB, Kaiser Permanente, Series A, 5.50%, 11/01/32
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5,000
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4,961,150
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California Statewide Communities Development Authority,
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Refunding RB, Catholic Healthcare West, Series E,
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5.50%, 7/01/31
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1,250
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1,256,088
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18,585,556
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State - 12.7%
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California State Public Works Board, RB, Department of
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Education, Riverside Campus Project, Series B,
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6.50%, 4/01/34
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3,000
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3,259,860
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California State Public Works Board, RB, Various Capital
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Projects, Sub-Series I-1, 6.38%, 11/01/34 (a)
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500
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501,970
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State of California, GO, Various Purpose, 6.50%, 4/01/33
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7,750
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8,315,130
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2
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BlackRock California Municipal Income Trust II (BCL)
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Schedule of Investments November 30, 2009 (Unaudited)
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(Percentages shown are based on Net Assets)
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Par
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Municipal Bonds
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(000)
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Value
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State of California, GO, Various Purpose, 6.00%, 11/01/39
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$ 2,000
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$ 2,028,680
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14,105,640
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Transportation - 12.5%
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County of Orange California, RB, Series B, 5.75%, 7/01/34
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3,000
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3,223,680
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County of Sacramento California, RB, Senior Series B,
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5.75%, 7/01/39
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500
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520,055
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Foothill Eastern Transportation Corridor Agency California,
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RB, CAB, Senior Lien, Series A, 5.77%, 1/01/26 (b)(c)
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10,000
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5,028,200
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Port of Oakland, RB, Series K, AMT (MBIA), 5.75%, 11/01/29
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680
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680,401
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San Joaquin Hills Transportation Corridor Agency California,
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Refunding RB, CAB, Series A (MBIA), 5.50%, 1/15/34 (c)
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30,000
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4,431,900
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13,884,236
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Utilities - 13.5%
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California Infrastructure & Economic Development Bank,
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RB, California Independent System Operator, Series A,
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6.25%, 2/01/39
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2,000
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2,108,660
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City of Chula Vista California, Refunding RB, San Diego Gas &
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Electric, Series D, 5.88%, 1/01/34
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1,000
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1,077,310
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City of Santa Rosa California, Refunding RB, CAB, Series B
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(AMBAC), 5.42%, 9/01/25 (c)
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2,685
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1,007,546
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Los Angeles Department of Water & Power, RB, Power
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System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37
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3,000
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3,013,020
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Los Angeles Department of Water & Power, RB, Series A,
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5.38%, 7/01/34
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1,600
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1,716,976
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Los Angeles Department of Water & Power, RB, System,
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Sub-Series A-2 (FSA), 5.00%, 7/01/35
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1,500
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1,520,085
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San Diego Public Facilities Financing Authority, Refunding RB,
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Senior Series A, 5.25%, 5/15/34
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2,000
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2,040,300
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San Diego Public Facilities Financing Authority, Refunding RB,
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Series A, 5.25%, 8/01/38
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2,500
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2,548,650
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15,032,547
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Total Municipal Bonds in California
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128,961,473
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Multi-State - 3.7%
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Housing - 3.7%
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Centerline Equity Issuer Trust, 5.75%, 5/15/15 (d)(e)
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500
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512,305
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Centerline Equity Issuer Trust, 6.00%, 5/15/15 (d)(e)
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1,500
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1,552,710
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Centerline Equity Issuer Trust, 6.00%, 5/15/19 (d)(e)
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1,000
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1,034,300
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Centerline Equity Issuer Trust, 6.30%, 5/15/19 (d)(e)
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1,000
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1,039,010
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Total Municipal Bonds in Multi-State
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4,138,325
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Puerto Rico - 1.9%
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County/City/Special
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Puerto Rico Sales Tax Financing Corp., RB,
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District/School District - 1.9%
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First Sub-Series A, 6.50%, 8/01/44
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2,000
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2,109,880
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Total Municipal Bonds in Puerto Rico
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2,109,880
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Total Municipal Bonds - 121.7%
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135,209,678
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3
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BlackRock California Municipal Income Trust II (BCL)
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Schedule of Investments November 30, 2009 (Unaudited)
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(Percentages shown are based on Net Assets)
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Municipal Bonds Transferred to
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Par
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Tender Option Bond Trusts (f)
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(000)
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Value
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County/City/Special
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Los Angeles Community College District, California, GO,
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District/School District - 16.7%
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Election of 2001, Series A (FSA), 5.00%, 8/01/32
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$ 3,000
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$ 3,014,970
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Los Angeles Community College District California, GO,
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Election of 2008, Series A, 6.00%, 8/01/33
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3,828
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4,230,106
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San Diego Community College District California, GO, Election
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of 2002, 5.25%, 8/01/33
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2,991
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3,078,063
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Santa Clara County Financing Authority, Refunding RB,
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Lease, Series L, 5.25%, 5/15/36
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8,006
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8,275,788
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18,598,927
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Education - 8.2%
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California Educational Facilities Authority, RB, University of
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Southern California, Series A, 5.25%, 10/01/39
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3,495
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3,668,562
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California State University, RB, Systemwide, Series A (FSA),
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5.00%, 11/01/39
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2,400
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2,319,696
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University of California, RB, Series O, 5.75%, 5/15/34
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2,805
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3,099,918
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9,088,176
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Utilities - 13.0%
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California State Department of Water Resources, Refunding
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RB, Central Valley Project, Series AE, 5.00%, 12/01/29
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7,000
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7,330,680
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Eastern Municipal Water District California, COP, Series H,
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5.00%, 7/01/33
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7,097
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7,126,093
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14,456,773
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Total Municipal Bonds Transferred to
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Tender Option Bond Trusts - 37.9%
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42,143,876
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Total Long-Term Investments
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(Cost - $175,873,368) - 159.6%
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177,353,554
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Short-Term Securities
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Shares
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CMA California Municipal Money Fund, 0.04% (g)(h)
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2,042,963
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2,042,963
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Total Short-Term Securities
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(Cost - $2,042,963) - 1.9%
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2,042,963
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Total Investments (Cost - $177,916,331*) - 161.5%
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179,396,517
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Other Assets Less Liabilities - 1.3%
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1,467,298
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Liability for Trust Certificates, Including Interest
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Expense and Fees Payable - (20.9)%
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(23,202,249)
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Preferred Shares, at Redemption Value - (41.9)%
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(46,552,876)
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Net Assets Applicable to Common Shares - 100.0%
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$ 111,108,690
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*
The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as
computed for federal income tax purposes, were as follows:
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Aggregate cost
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$ 154,712,470
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Gross unrealized appreciation
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$ 5,891,105
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Gross unrealized depreciation
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(4,393,706)
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Net unrealized appreciation
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$ 1,497,399
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(a)
When-issued security. Unsettled when-issued transactions were as follows:
Unrealized
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Counterparty
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Value
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Appreciation
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Wells Fargo
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$ 501,970
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$ 1,970
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(b) Security is collateralized by Municipal or US Treasury Obligations.
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(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
4
BlackRock California Municipal Income Trust II (BCL)
Schedule of Investments November 30, 2009 (Unaudited)
(d) Security 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, and is subject to mandatory redemption at maturity.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration to qualified institutional investors.
(f) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as collateral in a financing transaction.
(g) Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the
Investment Company Act of 1940, were as follows:
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Affiliate
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Net Activity
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Income
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CMA California Municipal Money Fund
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$ (3,999,918)
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$ 176
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(h) Represents the current yield as of report date.
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:
Level 1 - price quotations in active markets/exchanges for identical assets and liabilities
Level 2 - 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)
Level 3 - 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
investing in those securities. For information about the Trust's policy regarding valuation of investments and
with other significant accounting policies, please refer to the Trust's most recent financial statements as
contained in its annual report.
The following table summarizes the inputs used as of November 30, 2009 in determining the fair valuation of the
Trust's investments:
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Investments in
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Valuation Inputs
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Securities
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Assets
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Level 1 - Short-Term Securities
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$ 2,042,963
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Level 2 - Long-Term Investments
1
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177,353,554
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Level 3
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-
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Total
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$ 179,396,517
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1
See above Schedule of Investments for values in each state and political subdivision.
5
Item 2 Controls and Procedures
2(a) 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
1940 Act)) 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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) 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.
Item 3 Exhibits
Certifications Attached hereto
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.
BlackRock California Municipal Income Trust II
By:
/s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock California Municipal Income Trust II
Date: January 22, 2010
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.
By:
/s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock California Municipal Income Trust II
Date: January 22, 2010
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock California Municipal Income Trust II
Date: January 22, 2010
Blackrock Cal Mun Ii (AMEX:BCL)
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