Schedule of Investments (unaudited) 

October 31, 2023

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Municipal Bonds            

California — 127.6%

    
Corporate(a) — 14.3%            

California Community Choice Financing Authority, RB
5.00%, 07/01/53

   $ 12,000     $ 11,965,595  

5.00%, 12/01/53

     9,390       9,337,029  

5.50%, 10/01/54

         10,000       10,301,249  

Series A-1, 4.00%, 05/01/53

     14,950       14,257,987  

Series C, 5.25%, 01/01/54

     4,135       4,046,714  
   

 

 

  
          49,908,574  
County/City/Special District/School District — 28.8%  

Butte-Glenn Community College District, GO, Series A, Election 2016, 5.25%, 08/01/46

     1,420       1,464,020  

California Statewide Communities Development Authority, SAB, Series B, 5.00%, 09/02/52

     565       469,407  

Chabot-Las Positas Community College District, GO, Series C, 5.25%, 08/01/48(b)

    6,925       7,261,530  

Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45

     9,210       8,268,509  

City & County of San Francisco California, GO, Series 2020, Class D-1,
4.00%, 06/15/46

     2,500       2,263,311  

City & County of San Francisco California, Refunding COP, Class A, 4.00%, 04/01/40

     6,635       6,282,259  

Corona-Norco Unified School District, GO
Series C, 4.00%, 08/01/49

     3,000       2,599,343  

Series B, Election 2014, 5.00%, 08/01/47

     5,000       5,078,976  

Dublin Unified School District, GO
Series B, 4.00%, 08/01/44

     4,970       4,518,615  

Series B, 4.00%, 08/01/45

     6,625       5,977,725  

Escondido Union School District, GO,
Series B, Election 2014, 4.00%, 08/01/47

     2,500       2,167,787  

Garden Grove Unified School District, GO, Election 2016, 4.00%, 08/01/45

     1,320       1,181,670  

Grossmont Union High School District, GO, Series I-2, 4.00%, 08/01/44

     5,115       4,581,091  

Hartnell Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47

     2,995       2,621,532  

Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49

     8,000       7,118,443  

Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43

     2,000       1,806,566  

Municipal Improvement Corp of Los Angeles, Refunding RB, Series B, 4.00%, 11/01/34

     3,530       3,426,461  

Napa Valley Unified School District, GO, Series A, Election 2016, 4.00%, 08/01/38

     2,925       2,768,016  

North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44

     2,680       2,429,229  

Peralta Community College District, GO, Series B, 5.25%, 08/01/37

     1,000       1,088,422  

San Bernardino City Unified School District, GO, Series D, Election 2012, (AGM), 4.00%, 08/01/42

     1,210       1,095,993  

San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.00%, 10/15/46

     2,000       2,038,031  

San Diego Unified School District, GO
5.00%, 07/01/48

     5,000       5,177,380  

Series D2, 4.00%, 07/01/50

     3,000       2,696,136  

Series L, 4.00%, 07/01/44

     4,035       3,709,936  
Security  

Par

(000)

     Value  

County/City/Special District/School District (continued)

 

San Jose Evergreen Community College District, GO, Series C, Election 2016,
4.00%, 09/01/45

   $ 3,740     $ 3,308,267  

San Lorenzo Unified School District, GO, 4.00%, 08/01/41

     345       316,031  

Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41

         5,000       4,670,872  

West Valley-Mission Community College District, GO, Series A, AMT, 4.00%, 08/01/44

     4,000       3,700,616  
   

 

 

  
          100,086,174  
Education — 4.2%            

California Enterprise Development Authority, RB, 8.00%, 11/15/62(c)

    540       476,905  

California Municipal Finance Authority, Refunding RB(c)
5.00%, 08/01/39

     425       371,891  

5.00%, 08/01/48

     510       406,806  

California School Finance Authority, RB(c)

   

Series A, 4.00%, 06/01/41

     600       449,653  

Series A, 5.00%, 06/01/58

     2,120       1,652,443  

California School Finance Authority, Refunding RB(c)
5.50%, 08/01/43

     130       120,799  

5.50%, 08/01/47

     125       113,845  

Hastings Campus Housing Finance Authority, RB(c)
Series A, 5.00%, 07/01/45

     355       299,383  

Series A, 5.00%, 07/01/61

     3,000       2,334,770  

University of California, RB, Series AV, 5.00%, 05/15/47

     8,440       8,572,095  
   

 

 

  
      14,798,590  
Health — 20.0%            

California Health Facilities Financing Authority, RB
5.00%, 11/15/42

     1,000       988,630  

Series A, 5.00%, 11/15/48

     6,190       6,106,544  

California Health Facilities Financing Authority, Refunding RB
Class A, 5.00%, 08/15/51

     5,000       5,091,973  

Series A, 4.00%, 04/01/38

     3,550       3,180,777  

Series A, 4.00%, 08/15/40

     1,350       1,238,071  

Series A, 4.00%, 11/15/40

     2,450       2,251,406  

Series A, 4.00%, 04/01/44

     7,310       6,182,956  

Series A, 4.00%, 04/01/45

     7,110       5,962,310  

Series A, 4.00%, 08/15/48

     9,895       8,518,499  

Series A, 5.00%, 11/15/48

     7,150       7,053,600  

Series A-2, 4.00%, 11/01/44

     9,380       8,399,635  

California Public Finance Authority, RB,
Series A, 4.00%, 07/15/42

     1,785       1,596,822  

California Public Finance Authority, Refunding RB, Series A, 4.00%, 08/01/47

     1,000       876,307  

California Statewide Communities Development Authority, Refunding RB, 5.00%, 10/01/45

     1,860       1,767,425  

Regents of the University of California Medical Center Pooled Revenue, RB
Series P, 4.00%, 05/15/43

     9,095       8,279,188  

Series P, 5.00%, 05/15/47

     2,000       2,033,700  
   

 

 

  
      69,527,843  
Housing — 1.2%            

California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 02/01/50(c)

    375       257,092  

California Housing Finance Agency, RB, M/F Housing, Series A, AMT, 4.25%, 01/15/35

     1       631  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Housing (continued)

    

CMFA Special Finance Agency VII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c)

  $ 340     $ 201,568  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c)

    1,050       608,029  

CMFA Special Finance Agency, RB, M/F Housing, Series A-1, 3.00%, 12/01/56(c)

    750       427,230  

CSCDA Community Improvement Authority, RB, M/F Housing(c)
4.00%, 10/01/56

     345       259,779  

4.00%, 12/01/56

     265       167,239  

4.00%, 05/01/57

         1,840       1,122,214  

Series A, 3.00%, 09/01/56

     480       285,851  

Series A-2, 3.00%, 02/01/57

     525       324,747  

Series B, Sub Lien, 4.00%, 12/01/59

     1,095       649,137  
   

 

 

  
          4,303,517  
State — 2.0%            

California State Public Works Board, RB
Series B, 4.00%, 05/01/39

     1,560       1,448,038  

Series D, 5.00%, 11/01/46

     340       346,592  

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47

     5,000       5,006,697  
   

 

 

  
      6,801,327  
Tobacco — 5.2%            

California County Tobacco Securitization Agency, Refunding RB
Series A, 4.00%, 06/01/49

     1,745       1,393,769  

Series B-1, Subordinate, 5.00%, 06/01/49

     600       580,284  

California County Tobacco Securitization Agency, Refunding RB, CAB(d)
0.00%, 06/01/55

     2,425       384,253  

Series B-2, Subordinate, 0.00%, 06/01/55

     1,755       250,628  

Golden State Tobacco Securitization Corp., Refunding RB, Series B, 5.00%, 06/01/51

     10,655       10,435,498  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(d)

    1,625       133,812  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     5,000       4,862,941  
   

 

 

  
      18,041,185  
Transportation — 35.4%            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/37

     7,600       7,140,379  

City of Long Beach California Harbor Revenue, ARB
Series C, 5.00%, 05/15/47

     1,480       1,493,502  

Series A, AMT, 5.00%, 05/15/40

     5,000       5,019,545  

Series A, AMT, 5.00%, 05/15/44

     2,500       2,572,271  

City of Los Angeles Department of Airports, ARB
AMT, 4.00%, 05/15/44

     960       811,336  

AMT, 5.25%, 05/15/47

     3,900       3,873,845  

Series A, AMT, 5.25%, 05/15/48

     1,990       1,994,271  

Series B, AMT, 5.00%, 05/15/41

     6,000       5,823,098  

Series B, AMT, 5.00%, 05/15/46

     7,860       7,486,395  

City of Los Angeles Department of Airports, RB, 5.50%, 05/15/40

     3,490       3,638,372  

City of Los Angeles Department of Airports, Refunding ARB AMT, 5.50%, 05/15/47

     4,250       4,383,750  
Security   Par
(000)		     Value  

Transportation (continued)

    

City of Los Angeles Department of Airports, Refunding ARB (continued)
Series A, AMT, 5.00%, 05/15/40

   $ 4,450     $ 4,477,313  

Series A, AMT, Subordinate,
5.00%, 05/15/37

     4,800       4,865,991  

County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39

     1,000       990,984  

Norman Y Mineta San Jose International Airport SJC, Refunding RB Series A, AMT, 5.00%, 03/01/37

     1,280       1,274,573  

Series A, AMT, 5.00%, 03/01/41

     2,000       1,939,087  

Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44

     12,795       12,590,850  

Port of Los Angeles, Refunding RB
Series B, 4.00%, 08/01/35

     2,685       2,694,770  

Series C, 4.00%, 08/01/39

     5,495       5,249,462  

San Diego County Regional Airport Authority, ARB, 5.00%, 07/01/48

     6,445       6,144,252  

San Diego County Regional Airport Authority, Refunding ARB, Series B, AMT, Subordinate, 5.00%, 07/01/34

     2,000       2,029,916  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series C, 5.75%, 05/01/48(b)

    4,600       4,775,222  

Series A, AMT, 5.00%, 05/01/40

     850       818,939  

Series A, AMT, 5.00%, 05/01/47

         16,735       16,114,489  

Series A, AMT, 5.00%, 05/01/49

     5,000       4,801,299  

Series B, AMT, 5.00%, 05/01/41

     3,365       3,315,905  

Series D, AMT, 5.00%, 05/01/43

     6,130       5,914,538  

Series E, AMT, 5.00%, 05/01/45

     1,000       964,050  
   

 

 

  
          123,198,404  
Utilities — 16.5%            

City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52

     4,000       3,455,439  

Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44

     2,310       2,377,417  

East Bay Municipal Utility District Water System Revenue, RB, Series A, 4.00%, 06/01/45

     1,730       1,560,141  

Los Angeles Department of Water & Power Water System Revenue, RB, Series A, 5.00%, 07/01/43

     7,015       7,186,737  

Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46

     7,000       7,204,755  

Mountain House Public Financing Authority, RB, Series A, (BAM), 4.00%, 12/01/45

     2,720       2,338,438  

Orange County Water District, Refunding RB, Series A, 4.00%, 08/15/41

     1,100       1,036,990  

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45

     28,000       25,008,818  

San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44

     8,000       7,196,466  
   

 

 

  
      57,365,201  
   

 

 

  

Total Municipal Bonds in California

       444,030,815  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Puerto Rico — 3.9%

 

State — 3.9%

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

   $ 2,845     $ 2,399,921  

Series A-1, Restructured, 5.00%, 07/01/58

     8,279       7,174,858  

Series A-2, Restructured, 4.78%, 07/01/58

     2,530       2,118,267  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    8,577       2,120,135  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       13,813,181  
   

 

 

  

Total Municipal Bonds — 131.5%

    

(Cost: $481,999,150)

       457,843,996  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 20.2%

 

County/City/Special District/School
District — 9.3%

    

Clovis Unified School District, GO, Election 2020, Series B, 5.00%, 08/01/47(a)

    10,000       10,258,744  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/44(a)

    11,200       11,478,416  

Los Angeles Unified School District, GO, Series QRR, 5.25%, 07/01/47

     10,000       10,524,068  
   

 

 

  
      32,261,228  

Health — 4.6%

 

Regents of the University of California Medical Center Pooled Revenue, RB, Series P,
5.00%, 05/15/47(a)

    15,620       15,883,195  
   

 

 

  

Utilities(a) — 6.3%

 

Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/42

     10,670       10,814,270  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/49

     12,790       11,213,990  
   

 

 

  
      22,028,260  
   

 

 

  

Total Municipal Bonds in California

       70,172,683  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 20.2%

 

  

(Cost: $74,283,414)

       70,172,683  
   

 

 

  

Total Long-Term Investments — 151.7%

    

(Cost: $556,282,564)

       528,016,679  
   

 

 

  
Security       
Shares		     Value  

Short-Term Securities

    

Money Market Funds — 9.6%

 

BlackRock Liquidity Funds California Money Fund, Institutional Class, 2.92%(f)(g)

    33,422,643     $ 33,399,248  
   

 

 

  

Total Short-Term Securities — 9.6%

    

(Cost: $33,397,052)

       33,399,248  
   

 

 

  

Total Investments — 161.3%

 

  

(Cost: $589,679,616)

       561,415,927  

Liabilities in Excess of Other Assets — (1.9)%

 

     (6,625,615 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.2)%

 

     (35,429,060 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (49.2)%

 

     (171,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 348,061,252  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

When-issued security.

(c) 

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.

(d) 

Zero-coupon bond.

(e) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(f) 

Affiliate of the Trust.

(g) 

Annualized 7-day yield as of period end.

 

 

For Trust compliance purposes, the Trust’s sector classifications refer to 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 adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock California Municipal Income Trust (BFZ)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer   Value at
07/31/23		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/23		     Shares
Held at
10/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $   3,025,616     $   30,372,457 (a)    $ —     $ (424 )    $ 1,599     $   33,399,248       33,422,643     $   95,376     $ —  
     

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

  
Description   Number of
Contracts		     Expiration
Date		     Notional
Amount (000)		     Value/
Unrealized
Appreciation
(Depreciation)		  

 

  

Short Contracts

        

10-Year U.S. Treasury Note

     94       12/19/23     $ 9,967     $ 57,039  

U.S. Long Bond

     135       12/19/23       14,707       207,866  

5-Year U.S. Treasury Note

     80       12/29/23       8,356       (4,731 ) 
     

 

 

  
        $ 260,174  
     

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

 

  •  

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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $             —        $   457,843,996        $             —        $   457,843,996  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          70,172,683          —          70,172,683  

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock California Municipal Income Trust (BFZ)

 

Fair Value Hierarchy as of Period End (continued)

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Short-Term Securities

                  

Money Market Funds

    $   33,399,248        $ —        $ —        $ 33,399,248  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   33,399,248        $ 528,016,679        $ —        $   561,415,927  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 264,905        $ —        $ —        $ 264,905  

Liabilities

                  

Interest Rate Contracts

      (4,731 )         —          —          (4,731 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 260,174        $ —        $             —        $ 260,174  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (35,140,000 )       $ —        $ (35,140,000 ) 

VMTP Shares at Liquidation Value

      —          (171,300,000 )         —          (171,300,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $   (206,440,000 )       $             —        $     (206,440,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
SAB    Special Assessment Bonds

 

 

5  
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