0001752724-21-283058.txt : 20211228 0001752724-21-283058.hdr.sgml : 20211228 20211228101517 ACCESSION NUMBER: 0001752724-21-283058 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211031 FILED AS OF DATE: 20211228 PERIOD START: 20220731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137391 IRS NUMBER: 510409109 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-10331 FILM NUMBER: 211522560 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 NPORT-P 1 primary_doc.xml NPORT-P false 0001137391 XXXXXXXX BlackRock California Municipal Income Trust 811-10331 0001137391 LE6236HQD6DXEGUHE217 100 Bellevue 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N/A SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR 79765R2P3 5000000.00000000 PA USD 6190895.00000000 1.252722271408 Long DBT MUN US N 2 2032-11-01 Fixed 5.00000000 N N N N N N Santa Monica Community College District N/A Santa Monica Community College District 802385QT4 10000000.00000000 PA USD 12326540.00000000 2.494264752900 Long DBT MUN US N 2 2043-08-01 Fixed 5.00000000 N N N N N N California Statewide Communities Development Authority 549300KTNI2GCJNX2U48 CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE 13078YQW8 240000.00000000 PA USD 260764.32000000 0.052765435571 Long DBT MUN US N 2 2050-09-02 Fixed 4.00000000 N N N N N N Los Angeles County Public Works Financing Authority N/A LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE 54473EWP5 2860000.00000000 PA USD 3364501.14000000 0.680803908038 Long DBT MUN US N 2 2046-12-01 Fixed 4.00000000 N N N N N N East Bay Municipal Utility District Water System Revenue 549300IZZ5HKLDKRTF96 EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE 271014D58 3245000.00000000 PA USD 3916702.02000000 0.792541280529 Long DBT MUN US N 2 2045-06-01 Fixed 5.00000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH REVENUE 13048VJE9 425000.00000000 PA USD 476554.20000000 0.096430331942 Long DBT MUN US N 2 2039-08-01 Fixed 5.00000000 N N N N N N Fremont Union High School District N/A FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY 357172ZV0 3000000.00000000 PA USD 3433449.00000000 0.694755448129 Long DBT MUN US N 2 2040-08-01 Fixed 4.00000000 N N N N N N California Enterprise Development Authority 549300544P6FSHU1HB46 CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE 13069AAB4 1200000.00000000 PA USD 1315988.40000000 0.266289119359 Long DBT MUN US N 2 2050-07-01 Fixed 5.00000000 N N N N N N California Statewide Communities Development Authority 549300KTNI2GCJNX2U48 CALIFORNIA STWD CMNTYS DEV AUTH REVENUE 13080SWP5 240000.00000000 PA USD 281718.24000000 0.057005443237 Long 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1785486.00000000 0.361291554369 Long DBT MUN US N 2 2044-07-01 Fixed 5.00000000 N N N N N N State of California N/A CALIFORNIA ST 13063DQY7 12000000.00000000 PA USD 12974244.00000000 2.625327099472 Long DBT MUN US N 2 2037-10-01 Fixed 3.00000000 N N N N N N California Health Facilities Financing Authority 5493007RI8BUDOGHZ546 CALIFORNIA ST HLTH FACS FING AUTH REVENUE 13032UVN5 2000000.00000000 PA USD 2303264.00000000 0.466063486738 Long DBT MUN US N 2 2050-08-15 Fixed 4.00000000 N N N N N N California Community Choice Financing Authority 549300X8VKJ215S2R571 CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 13013JAP1 15690000.00000000 PA USD 18797435.88000000 3.803644961228 Long DBT MUN US N 2 2052-02-01 Floating 4.00000000 N N N N N N California Community Housing Agency N/A CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE 13013FBE3 750000.00000000 PA USD 690268.50000000 0.139675236488 Long DBT MUN US N 2 2057-02-01 Fixed 3.00000000 N N N N N N CSCDA Community Improvement Authority N/A CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE 126292BH3 1590000.00000000 PA USD 1640905.44000000 0.332035802571 Long DBT MUN US N 2 2057-04-01 Fixed 4.00000000 N N N N N N University of California N/A UNIV OF CALIFORNIA CA REVENUES 91412GJ89 4250000.00000000 PA USD 5006364.00000000 1.013033443722 Long DBT MUN US N 2 2038-05-15 Fixed 5.00000000 N N N N N N El Dorado Irrigation District N/A EL DORADO CA IRR DIST REVENUE 283062BQ9 9000000.00000000 PA USD 10031832.00000000 2.029932565392 Long DBT MUN US N 2 2039-03-01 Fixed 5.25000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH REVENUE 13048VNA2 220000.00000000 PA USD 245859.24000000 0.049749405470 Long DBT MUN US N 2 2049-11-01 Fixed 5.00000000 N N N N N N Palomar Community College District N/A Palomar Community College District 697511DS9 15140000.00000000 PA USD 17672081.73000000 3.575930518175 Long DBT MUN US N 2 2044-08-01 Fixed 5.00000000 N N N N N N Santa Clara County Financing Authority 549300A73O1Q5POHAT69 Santa Clara County Financing Authority 801577NK9 22230000.00000000 PA USD 25292727.14000000 5.117961553690 Long DBT MUN US N 2 2045-05-01 Fixed 4.00000000 N N N N N N San Francisco City & County Public Utilities Commission Wastewater Revenue N/A SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR 79768HFM5 2485000.00000000 PA USD 3047663.64000000 0.616692112786 Long DBT MUN US N 2 2043-10-01 Fixed 5.00000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH REVENUE 13048VMX3 105000.00000000 PA USD 115429.44000000 0.023357047771 Long DBT MUN US N 2 2048-08-01 Fixed 5.00000000 N N N N N N 2021-11-30 BlackRock California Municipal Income Trust Ann Frechette Ann Frechette Assistant Treasurer XXXX NPORT-EX 2 NPORT_D2H1_48324335_1021.htm BlackRock California Municipal Income Trust

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,
4.00%, 02/01/52(a)

  $  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
Series A, 5.00%, 09/02/39

    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
6.13%, 05/01/31

    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
4.00%, 08/15/40

    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)
Series A, 5.00%, 07/01/50

    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,
5.00%, 06/01/51(d)

    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
Class A, (FHLMC), 3.75%, 03/25/35

    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)
4.00%, 10/01/46

    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,
4.00%, 09/01/45

    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
5.00%, 08/01/37

    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
4.00%, 06/01/49

    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)
0.00%, 06/01/55

    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,
Series A, 5.00%, 05/15/39

  $ 4,060      $ 5,148,397  

County of Sacramento California Airport System Revenue, Refunding RB,
Series A, 5.00%, 07/01/41

    13,500        15,791,395  

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

    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,
5.00%, 02/01/44

    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%             

Children’s Trust Fund, Refunding RB, 5.50%, 05/15/39

    505        517,402  
    

 

 

 
 

 

C H E D U L E  O F  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%
(Cost: $430,910,717)

      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,
5.00%, 07/01/44

    11,200       13,892,177  

Palomar Community College District, GO,
Series C, 5.00%, 08/01/25(b)

    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,
Series A, 5.00%, 11/01/43

    11,792       13,631,663  

Univ Of California Ca Revenues,
4.00%, 05/15/47

    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,
4.00%, 10/01/39

 

   $ 16,620      $ 19,553,546  
       

 

 

 
Transportation — 8.8%                

City & County of San Francisco California, Refunding COP, Series A,
4.00%, 04/01/43

 

     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,
5.00%, 05/01/41

 

     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%
(Cost: $ 328,349,072)

 

     348,848,073  
       

 

 

 

Total Investments — 163.9%
(Cost: $ 759,259,789)

 

     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 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, 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
10-Year U.S. Treasury Note

     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 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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

 

 

C H E D U L E  O F  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 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

   $        $  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