Schedule of Investments (unaudited) October 31, 2021 |
BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
| |||||||
California 87.5% |
| |||||||
Corporate 4.4% | ||||||||
California Community Choice Financing Authority RB, Series
B-1, |
$ | 15,690 | $ | 18,797,436 | ||||
California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29 |
2,640 | 2,943,273 | ||||||
|
|
|||||||
21,740,709 | ||||||||
County/City/Special District/School District 18.7% | ||||||||
California Statewide Communities Development Authority, SAB |
275 | 334,897 | ||||||
Series A, 5.00%, 09/02/44 |
160 | 192,306 | ||||||
Series A, 5.00%, 09/02/48 |
160 | 189,234 | ||||||
California Statewide Communities Development Authority,SAB, S/F Housing 5.00%, 09/02/40 |
300 | 361,060 | ||||||
4.00%, 09/02/50 |
240 | 260,764 | ||||||
5.00%, 09/02/50 |
240 | 284,501 | ||||||
Series C, 5.00%, 09/02/44 |
595 | 715,138 | ||||||
ChiNo.Valley Unified School District, GO, Series B, 4.00%, 08/01/45 |
5,000 | 5,808,235 | ||||||
City of San Jose California Hotel Tax Revenue, RB |
500 | 502,174 | ||||||
6.50%, 05/01/36 |
1,210 | 1,215,542 | ||||||
6.50%, 05/01/42 |
2,225 | 2,234,986 | ||||||
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(b) |
9,000 | 10,031,832 | ||||||
Fremont Union High School District, GO, Series A, 4.00%, 08/01/40 |
3,000 | 3,433,449 | ||||||
Glendale Community College District, GO, Series A, Election 2016, 5.25%, 08/01/41(b) |
5,000 | 6,140,830 | ||||||
Hayward Area Recreation & Park District, Refunding GO, Series A, 5.00%, 08/01/42 |
4,950 | 6,015,646 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42 |
5,030 | 6,081,486 | ||||||
Los Angeles County Public Works Financing Authority Refunding RB, Series F, 4.00%, 12/01/46 |
2,860 | 3,364,501 | ||||||
Orange County Community Facilities District, ST |
260 | 298,602 | ||||||
4.00%, 08/15/50 |
245 | 278,230 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45(b) |
8,990 | 10,666,995 | ||||||
San Diego Unified School District, GO, Series D2, 4.00%, 07/01/50 |
7,000 | 8,140,195 | ||||||
San Diego Unified School District, GO, CAB, Series C, 0.00%, 07/01/40(c) |
7,215 | 4,738,689 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series B-1, 3.00%, 08/01/49 |
9,965 | 10,645,111 | ||||||
San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(b) |
2,000 | 2,148,756 | ||||||
Santa Monica Public Financing Authority, RB, 5.00%, 07/01/42 |
1,250 | 1,494,959 | ||||||
West Contra Costa Unified School District, GO, Series A, 5.50%, 08/01/23(b) |
2,500 | 2,728,337 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 |
3,670 | 4,234,163 | ||||||
|
|
|||||||
92,540,618 | ||||||||
Education 5.8% | ||||||||
California Enterprise Development Authority,
RB(d) |
1,200 | 1,315,988 |
Security | Par (000) |
Value | ||||||
Education (continued) | ||||||||
California Enterprise Development Authority, RB(d) (continued) |
||||||||
Series A, 5.00%, 07/01/55 |
$ | 600 | $ | 656,113 | ||||
California Enterprise Development Authority, Refunding RB(d) |
||||||||
4.00%, 06/01/36 |
250 | 287,558 | ||||||
4.00%, 06/01/61 |
500 | 546,934 | ||||||
California Municipal Finance Authority, RB(d) |
||||||||
Series A, 5.00%, 10/01/39 |
220 | 245,550 | ||||||
Series A, 5.00%, 10/01/49 |
370 | 407,371 | ||||||
Series A, 5.00%, 10/01/57 |
725 | 794,904 | ||||||
California Municipal Finance Authority, Refunding RB 5.00%, 08/01/34 |
750 | 852,286 | ||||||
5.00%, 08/01/39 |
425 | 476,554 | ||||||
5.00%, 08/01/48 |
615 | 676,108 | ||||||
California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(d) |
285 | 296,323 | ||||||
California School Finance Authority, RB(d) 5.00%, 06/01/40 |
270 | 299,288 | ||||||
4.00%, 06/01/41 |
600 | 636,256 | ||||||
5.00%, 06/01/50 |
430 | 471,028 | ||||||
5.00%, 06/01/59 |
685 | 747,290 | ||||||
Series A, 5.00%, 06/01/49 |
1,000 | 1,076,806 | ||||||
Series A, 5.00%, 06/01/58 |
2,120 | 2,305,299 | ||||||
California Statewide Communities Development Authority, RB, |
240 | 281,718 | ||||||
Hastings Campus Housing Finance Authority, RB |
||||||||
Series A, 5.00%, 07/01/45 |
600 | 713,425 | ||||||
Series A, 5.00%, 07/01/61 |
3,600 | 4,181,825 | ||||||
University of California, Refunding RB |
||||||||
Series AR, 5.00%, 05/15/38 |
4,250 | 5,006,364 | ||||||
Series AZ, 5.00%, 05/15/43 |
5,035 | 6,164,678 | ||||||
|
|
|||||||
28,439,666 | ||||||||
Health 3.5% | ||||||||
California Health Facilities Financing Authority, RB, Series A, 5.25%, 11/01/41 |
7,000 | 7,000,000 | ||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
Series A, 4.00%, 04/01/49 |
3,000 | 3,361,080 | ||||||
Series A, 4.00%, 08/15/50 |
2,000 | 2,303,264 | ||||||
Series B, 5.00%, 11/15/46 |
3,550 | 4,234,820 | ||||||
California Municipal Finance Authority, Refunding RB(d) |
||||||||
Series A, 5.00%, 11/01/39 |
195 | 220,882 | ||||||
Series A, 5.00%, 11/01/49 |
220 | 245,859 | ||||||
|
|
|||||||
17,365,905 | ||||||||
Housing 8.4% | ||||||||
California Community Housing Agency, RB, M/F Housing (d) |
||||||||
4.00%, 08/01/46 |
195 | 203,851 | ||||||
4.00%, 02/01/50 |
360 | 373,360 | ||||||
4.00%, 08/01/51 |
1,825 | 1,877,160 | ||||||
3.00%, 02/01/57 |
1,195 | 1,158,512 | ||||||
Series A, 5.00%, 04/01/49 |
2,770 | 3,108,682 | ||||||
Series A, 4.00%, 02/01/56 |
2,145 | 2,293,175 | ||||||
Series A-1, 4.00%, 08/01/50 |
375 | 387,657 | ||||||
Series A-1, 3.00%, 02/01/57 |
750 | 690,268 | ||||||
Series A-2, 4.00%, 08/01/47 |
2,060 | 2,115,035 | ||||||
California Housing Finance, RB, M/F Housing |
4,995 | 5,909,678 | ||||||
Series A, 4.25%, 01/15/35 |
1 | 856 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39 |
5,000 | 5,149,620 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
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(d) 4.00%, 08/01/47 |
$ | 1,095 | $ | 1,147,528 | ||||
3.00%, 08/01/56 |
1,205 | 1,101,343 | ||||||
CSCDA Community Improvement Authority RB, 3.25%, 10/01/58(d) |
500 | 457,828 | ||||||
CSCDA Community Improvement Authority, RB, M/F
Housing(d) |
1,715 | 1,778,037 | ||||||
2.65%, 12/01/46 |
1,410 | 1,309,732 | ||||||
4.00%, 07/01/56 |
1,150 | 1,192,672 | ||||||
3.13%, 08/01/56 |
480 | 441,272 | ||||||
4.00%, 08/01/56 |
1,455 | 1,513,842 | ||||||
3.00%, 12/01/56 |
1,155 | 1,069,633 | ||||||
3.25%, 04/01/57 |
595 | 567,965 | ||||||
4.00%, 04/01/57 |
1,590 | 1,640,905 | ||||||
4.00%, 05/01/57(e) |
1,840 | 1,875,613 | ||||||
Series A, 2.45%, 02/01/47 |
605 | 568,690 | ||||||
Series A, 5.00%, 07/01/51 |
1,015 | 1,151,558 | ||||||
Series A-2, 4.00%, 09/01/56 |
2,055 | 2,151,669 | ||||||
Series B, 4.00%, 02/01/57 |
465 | 483,659 | ||||||
|
|
|||||||
41,719,800 | ||||||||
State 13.0% | ||||||||
California State Public Works Board, RB |
||||||||
Series F, 5.25%, 09/01/33. |
4,335 | 4,708,699 | ||||||
Series I, 5.50%, 11/01/33 |
4,940 | 5,436,638 | ||||||
California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/34 |
7,750 | 9,299,876 | ||||||
City of Roseville California, ST, |
350 | 386,955 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41 |
8,000 | 9,430,784 | ||||||
State of California, Refunding GO |
13,000 | 16,056,066 | ||||||
3.00%, 10/01/37 |
12,000 | 12,974,244 | ||||||
4.00%, 10/01/41 |
5,000 | 5,936,105 | ||||||
|
|
|||||||
64,229,367 | ||||||||
Tobacco 5.1% | ||||||||
California County Tobacco Securitization Agency, Refunding RB |
245 | 278,152 | ||||||
5.00%, 06/01/50 |
275 | 320,549 | ||||||
Series A, 4.00%, 06/01/49 |
355 | 408,190 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB (c) |
2,425 | 607,460 | ||||||
Series B-2, Subordinate, 0.00%, 06/01/55 |
3,635 | 726,407 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Series A-1, 5.00%, 06/01/47 |
475 | 486,568 | ||||||
Series A-2, 5.00%, 06/01/47 |
18,670 | 19,124,670 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
2,635 | 3,182,021 | ||||||
|
|
|||||||
25,134,017 | ||||||||
Transportation 14.8% | ||||||||
City of Los Angeles Department of Airports, ARB |
||||||||
Series A, AMT, 5.00%, 05/15/29 |
2,045 | 2,185,929 | ||||||
Series A, AMT, 5.00%, 05/15/37 |
3,520 | 4,258,063 | ||||||
Series A, AMT, 5.00%, 05/15/44 |
5,885 | 7,056,286 | ||||||
Series B, AMT, 5.00%, 05/15/36 |
2,600 | 3,044,236 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Subordinate, 5.00%, 05/15/38 |
5,000 | 6,140,690 |
Security | Par (000) |
Value | ||||||
Transportation (continued) | ||||||||
City of Los Angeles Department of Airports, Refunding RB, |
$ | 4,060 | $ | 5,148,397 | ||||
County of Sacramento California Airport System Revenue, Refunding RB, |
13,500 | 15,791,395 | ||||||
Port of Los Angeles, Refunding ARB, |
4,135 | 4,588,944 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 05/01/42 |
16,735 | 19,798,626 | ||||||
Series D, AMT, 5.25%, 05/01/48 |
2,250 | 2,729,536 | ||||||
Series E, AMT, 5.00%, 05/01/40 |
2,000 | 2,450,800 | ||||||
|
|
|||||||
73,192,902 | ||||||||
Utilities 13.8% | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 5.00%, 11/01/32 |
5,000 | 6,190,895 | ||||||
East Bay Municipal Utility District Water System Revenue, RB |
||||||||
Series A, 5.00%, 06/01/45 |
3,245 | 3,916,702 | ||||||
Series C, 4.00%, 06/01/45 |
4,000 | 4,395,564 | ||||||
Los Angeles Department of Water & Power Refunding RB, Series B, 5.00%, 07/01/51 |
2,150 | 2,730,266 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB |
||||||||
Series A, 5.00%, 07/01/41 |
5,000 | 5,974,650 | ||||||
Series A, 5.25%, 07/01/44 |
3,000 | 3,621,408 | ||||||
Los Angeles Department of Water, RB |
||||||||
Series A, 5.00%, 07/01/42 |
10,670 | 12,775,564 | ||||||
Series B, 5.00%, 07/01/38 |
3,000 | 3,505,920 | ||||||
Los Angeles Department of Water, Refunding RB |
||||||||
Series A, 5.00%, 07/01/44 |
1,500 | 1,785,486 | ||||||
Series B, 5.00%, 07/01/43 |
7,150 | 8,811,588 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 |
2,485 | 3,047,664 | ||||||
South Coast Water District Financing Authority, Refunding RB, Series A, |
9,130 | 11,410,081 | ||||||
|
|
|||||||
68,165,788 | ||||||||
|
|
|||||||
Total Municipal Bonds in California |
|
432,528,772 | ||||||
Puerto Rico 5.8% |
||||||||
State 4.7% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
2,845 | 3,164,482 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,154 | 11,463,460 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
2,588 | 2,838,001 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
2,530 | 2,818,951 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
8,577 | 2,793,546 | ||||||
|
|
|||||||
23,078,440 | ||||||||
Tobacco 0.1% | ||||||||
Childrens Trust Fund, Refunding RB, 5.50%, 05/15/39 |
505 | 517,402 | ||||||
|
|
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, 2021 |
BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Utilities 1.0% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB |
||||||||
Series A, Senior Lien, 5.00%, 07/01/33 |
$ | 3,865 | $ | 3,987,876 | ||||
Series A, Senior Lien, 5.13%, 07/01/37 |
1,105 | 1,141,028 | ||||||
|
|
|||||||
5,128,904 | ||||||||
|
|
|||||||
Total Municipal Bonds in Puerto Rico |
28,724,746 | |||||||
|
|
|||||||
Total Municipal Bonds 93.3% |
461,253,518 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
California 70.6% | ||||||||
County/City/Special District/School District 25.4% | ||||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, |
11,200 | 13,892,177 | ||||||
Palomar Community College District, GO, |
15,140 | 17,672,082 | ||||||
San Diego Ca Unif Sch Dist, 4.00%, 07/01/46 |
7,000 | 8,231,191 | ||||||
San Diego Unified School District, GO, Series I, 5.00%, 07/01/47 |
10,000 | 12,065,120 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series A, 5.00%, 08/01/47 |
10,615 | 12,787,887 | ||||||
San Joaquin Delta Community College District, GO, Series C, 5.00%, 08/01/39(b) |
14,505 | 16,336,461 | ||||||
San Jose Unified School District, GO, Series C, 4.00%, 08/01/39(b) |
6,100 | 6,707,780 | ||||||
Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45 |
22,230 | 25,292,727 | ||||||
Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43 |
10,000 | 12,326,540 | ||||||
|
|
|||||||
125,311,965 | ||||||||
Education 17.4% | ||||||||
California State University, Refunding RB, |
11,792 | 13,631,663 | ||||||
Univ Of California Ca Revenues, |
10,000 | 11,535,395 | ||||||
University of California, RB |
||||||||
Series AM, 5.25%, 05/15/44. |
5,000 | 5,570,755 | ||||||
Series M, 5.00%, 05/15/42 |
10,000 | 11,982,955 | ||||||
University of California, Refunding RB |
||||||||
Series AI, 5.00%, 05/15/38 |
14,225 | 15,224,179 | ||||||
Series AR, 5.00%, 05/15/41 |
10,165 | 11,914,678 | ||||||
Series I, 5.00%, 05/15/40 |
14,065 | 16,088,475 | ||||||
|
|
|||||||
85,948,100 | ||||||||
Health 8.8% | ||||||||
California Health Facilities Financing Authority, RB(b) |
||||||||
Series A, 5.00%, 08/15/23 |
9,695 | 10,513,762 | ||||||
Series A, 5.00%, 11/15/41 |
11,620 | 13,692,950 | ||||||
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42 |
18,960 | 19,336,906 | ||||||
|
|
|||||||
43,543,618 |
Security | Par (000) |
Value | ||||||||||
State 3.9% | ||||||||||||
State of California, Refunding GO, |
|
$ | 16,620 | $ | 19,553,546 | |||||||
|
|
|||||||||||
Transportation 8.8% | ||||||||||||
City & County of San Francisco California, Refunding COP, Series A, |
|
10,865 | 12,320,578 | |||||||||
City of Los Angeles Department of Airports, ARB, AMT, Series D, 5.00%, 05/15/41 |
|
18,632 | 21,085,248 | |||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding
ARB, AMT, Series B, |
|
8,720 | 10,132,448 | |||||||||
|
|
|||||||||||
43,538,274 | ||||||||||||
Utilities 6.3% | ||||||||||||
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46 |
|
6,412 | 7,456,240 | |||||||||
Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45 |
|
20,000 | 23,496,330 | |||||||||
|
|
|||||||||||
30,952,570 | ||||||||||||
|
|
|||||||||||
Total Municipal Bonds in California |
|
348,848,073 | ||||||||||
|
|
|||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 70.6% |
|
348,848,073 | ||||||||||
|
|
|||||||||||
Total Investments 163.9% |
|
810,101,591 | ||||||||||
Other Assets Less Liabilities 1.5% |
|
7,189,779 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (30.7)% |
|
(151,796,037 | ) | |||||||||
VMTP Shares at Liquidation Value (34.7)% |
|
(171,300,000 | ) | |||||||||
|
|
|||||||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 494,195,333 | |||||||||
|
|
(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) | 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. |
(c) | Zero-coupon bond. |
(d) | 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. |
(e) | When-issued security. |
(f) | 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. |
For Trust compliance purposes, the Trusts 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, 2021 |
BlackRock California Municipal Income Trust (BFZ) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class(a) |
$ | | $ | | (b) | $ | | $ | | $ | | $ | | | $ | 49 | $ | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | 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 |
246 | 12/21/21 | $ | 32,141 | $ | 428,563 | ||||||||||
U.S. Long Bond |
152 | 12/21/21 | 24,444 | 51,289 | ||||||||||||
5-Year U.S. Treasury Note |
210 | 12/31/21 | 25,556 | 292,486 | ||||||||||||
|
|
|||||||||||||||
$ | 772,338 | |||||||||||||||
|
|
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 marketcorroborated 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 BlackRock Global Valuation Methodologies Committees (the Global Valuation Committees) 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 Global 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 Trusts policy regarding valuation of financial instruments, refer to its most recent financial statements.
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, 2021 |
BlackRock California Municipal Income Trust (BFZ) |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Trusts financial instruments categorized in the fair value hierarchy. The breakdown of the Trusts 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 |
$ | | $ | 461,253,518 | $ | | $ | 461,253,518 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 348,848,073 | | 348,848,073 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | 810,101,591 | $ | | $ | 810,101,591 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 772,338 | $ | | $ | | $ | 772,338 | ||||||||
|
|
|
|
|
|
|
|
(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 |
$ | | $ | (151,775,836 | ) | $ | | $ | (151,775,836 | ) | ||||||
VMTP Shares at Liquidation Value |
| (171,300,000 | ) | | (171,300,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (323,075,836 | ) | $ | | $ | (323,075,836 | ) | |||||||
|
|
|
|
|
|
|
|
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
ST | Special Tax |
5 |