0001752724-22-149647.txt : 20220627 0001752724-22-149647.hdr.sgml : 20220627 20220627134620 ACCESSION NUMBER: 0001752724-22-149647 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220430 FILED AS OF DATE: 20220627 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: 221043676 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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2252404.44000000 0.548761426976 Long DBT MUN US N 2 2029-07-15 Fixed 4.00000000 N N N N N N California School Finance Authority N/A CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE 13058TJE1 685000.00000000 PA USD 689492.92000000 0.167983649805 Long DBT MUN US N 2 2059-06-01 Fixed 5.00000000 N N N N N N Carlsbad Unified School District N/A CARLSBAD CA UNIF SCH DIST COPS 142666FJ0 2500000.00000000 PA USD 2515005.00000000 0.612739749639 Long DBT MUN US N 2 2046-10-01 Fixed 4.00000000 N N N N N N University of California N/A University of California 91412GUN3 5000000.00000000 PA USD 5239085.00000000 1.276417196482 Long DBT MUN US N 2 2044-05-15 Fixed 5.25000000 N N N N N N CSCDA Community Improvement Authority N/A CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE 126292AX9 465000.00000000 PA USD 344580.81000000 0.083951466995 Long DBT MUN US N 2 2057-02-01 Fixed 4.00000000 N N N N N N CSCDA Community Improvement Authority N/A CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE 126292AD3 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13063DQY7 12000000.00000000 PA USD 10702620.00000000 2.607517956937 Long DBT MUN US N 2 2037-10-01 Fixed 3.00000000 N N N N N N California Community Choice Financing Authority 549300X8VKJ215S2R571 CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 13013JAP1 3790000.00000000 PA USD 3835555.80000000 0.934470309450 Long DBT MUN US N 2 2052-02-01 Floating 4.00000000 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 1151527.29000000 0.280550751739 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 4559982.25000000 1.110964941312 Long DBT MUN US N 2 2038-05-15 Fixed 5.00000000 N N N N N N Southwestern Community College District N/A S WSTRN CA CMNTY CLG DIST 845389PV1 2250000.00000000 PA USD 2261211.75000000 0.550907183714 Long DBT MUN US N 2 2046-08-01 Fixed 4.00000000 N N N N N N California Health 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2 2056-07-01 Fixed 4.00000000 N N N N N N Santa Clara County Financing Authority 549300A73O1Q5POHAT69 Santa Clara County Financing Authority 801577NK9 22230000.00000000 PA USD 22435694.19000000 5.466089189075 Long DBT MUN US N 2 2045-05-01 Fixed 4.00000000 N N N N N N Sacramento Municipal Utility District E3GSVR6ZOU1MX2V7HF33 SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE 786005C71 1575000.00000000 PA USD 1627649.10000000 0.396550027548 Long DBT MUN US N 2 2040-08-15 Fixed 4.00000000 N N N N N N CSCDA Community Improvement Authority N/A CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE 126292AW1 525000.00000000 PA USD 368023.95000000 0.089663003844 Long DBT MUN US N 2 2057-02-01 Fixed 3.00000000 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 2716639.28000000 0.661864637361 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 109764.17000000 0.026742241087 Long DBT MUN US N 2 2048-08-01 Fixed 5.00000000 N N N N N N CSCDA Community Improvement Authority N/A CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE 126292CF6 1410000.00000000 PA USD 1132564.17000000 0.275930698339 Long DBT MUN US N 2 2058-12-01 Fixed 4.00000000 N N N N N N 2022-05-31 BlackRock California Municipal Income Trust Ann Frechette Ann Frechette Assistant Treasurer XXXX NPORT-EX 2 NPORT_D2H1_73747135_0422.htm BlackRock California Municipal Income Trust

Schedule of Investments  (unaudited)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

 

California — 108.9%

 

Corporate — 1.5%  

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)

  $ 3,790     $ 3,835,556  

California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29

     2,340       2,252,404  
   

 

 

  
      6,087,960  
County/City/Special District/School District — 15.6%  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     275       290,628  

Series A, 5.00%, 09/02/44

     160       168,175  

Series A, 5.00%, 09/02/48

     160       167,816  

California Statewide Communities Development Authority, SAB, S/F Housing

    

5.00%, 09/02/40

     300       318,311  

4.00%, 09/02/50

     240       221,238  

5.00%, 09/02/50

     240       252,674  

Series C, 5.00%, 09/02/44

     595       625,402  

Carlsbad Unified School District, COP, 4.00%, 10/01/46

     2,500       2,515,005  

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

     5,550       5,457,065  

Hayward Area Recreation & Park District, Refunding GO, Series A, 5.00%, 08/01/42

     4,950       5,379,690  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/42

     5,030       5,473,782  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     260       253,081  

4.00%, 08/15/50

     245       230,525  

San Diego Unified School District, GO, CAB, Series C, Election 2008, 0.00%, 07/01/40(b)

    7,215       3,518,640  

San Diego Unified School District/CA GO, 4.00%, 07/01/46

     22,000       22,283,250  

San Francisco Bay Area Rapid Transit District, GO

    

Series B-1, 3.00%, 08/01/49

     9,965       8,166,447  

Series C-1, 3.00%, 08/01/50

     2,500       2,057,087  

San Mateo Foster City Public Financing Authority RB, 4.00%, 05/01/48

     3,250       3,219,362  

Santa Monica Public Financing Authority, RB, 5.00%, 07/01/42

     1,250       1,354,731  

Southwestern Community College District, GO, Series D, 4.00%, 08/01/46

     2,250       2,261,212  
   

 

 

  
      64,214,121  
Education — 9.7%  

California Enterprise Development Authority, RB(c)

   

Series A, 5.00%, 07/01/50

     1,200       1,167,148  

Series A, 5.00%, 07/01/55

     600       574,963  

California Enterprise Development Authority, Refunding RB(c)

    

4.00%, 06/01/36

     250       238,924  

4.00%, 06/01/61

     500       409,200  

California Municipal Finance Authority, RB(c)

   

Series A, 5.00%, 10/01/39

     220       226,507  

Series A, 5.00%, 10/01/49

     370       376,496  

Series A, 5.00%, 10/01/57

     725       733,517  

California Municipal Finance Authority, Refunding RB

    

5.00%, 08/01/34

     750       809,551  

5.00%, 08/01/39

     425       438,095  
Security  

Par

(000)

     Value  
Education (continued)  

5.00%, 08/01/48

   $ 615     $ 625,503  

California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(c)

    285       248,150  

California School Finance Authority, RB(c)

    

5.00%, 06/01/40

     270       276,302  

4.00%, 06/01/41

     600       552,895  

5.00%, 06/01/50

     430       435,225  

5.00%, 06/01/59

     685       689,493  

Series A, 5.00%, 06/01/49

     1,000       975,916  

Series A, 5.00%, 06/01/58

     2,120       2,107,600  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     600       617,282  

Series A, 5.00%, 07/01/61

     3,000       3,006,996  

University of California, Refunding RB

    

Series AR, 5.00%, 05/15/38

     4,250       4,559,982  

Series AZ, 5.00%, 05/15/43

     5,135       5,568,260  

Series BE, 4.00%, 05/15/47

     7,670       7,627,562  

Series BE, 4.00%, 05/15/50

     5,000       4,972,225  

Series BH, 4.00%, 05/15/46

     2,630       2,625,292  
   

 

 

  
      39,863,084  
Health — 9.0%  

California Health Facilities Financing Authority, Refunding RB

    

4.00%, 05/15/51(d)

    2,950       2,860,559  

Series A, 4.00%, 04/01/40

     2,500       2,440,832  

Series A, 4.00%, 11/15/40

     1,000       992,191  

Series A, 4.00%, 04/01/45

     5,500       5,338,041  

Series A, 4.00%, 04/01/49

     1,350       1,306,693  

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

     4,000       3,938,908  

Series B, 5.00%, 11/15/46

     3,550       3,779,401  

California Municipal Finance Authority, Refunding RB(c)

   

Series A, 5.00%, 11/01/39

     195       203,951  

Series A, 5.00%, 11/01/49

     220       227,184  

California Public Finance Authority, RB, 4.00%, 07/15/51

     7,500       7,352,835  

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

    7,685       8,445,923  
   

 

 

  
      36,886,518  
Housing — 10.1%  

California Community Housing Agency, RB, M/F Housing(c)

    

4.00%, 08/01/46

     805       635,578  

3.00%, 08/01/56

     1,155       810,017  

3.00%, 02/01/57

     1,945       1,343,105  

4.00%, 02/01/50

     360       272,689  

4.00%, 08/01/51

     1,825       1,419,854  

Series A, 5.00%, 04/01/49

     2,770       2,380,771  

Series A, 4.00%, 02/01/56

     885       725,305  

Series A-1, 4.00%, 08/01/50

     375       294,864  

Series A-2, 4.00%, 08/01/47

     2,060       1,657,146  

California Housing Finance Agency, RB, M/F Housing

    

Class A, 3.25%, 08/20/36

     1,987       1,905,020  

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

     4,965       4,945,506  

Series A, 4.25%, 01/15/35

     1       733  

City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39

     5,000       4,330,660  
 

 

 

1  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Housing (continued)  

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

  $ 755     $ 532,026  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(c)

    975       731,495  

CMFA Special Finance Agency, RB, M/F Housing(c)

   

Series A, 4.00%, 12/01/45

     910       731,629  

Series A-2, 4.00%, 08/01/45

     890       700,083  

CSCDA Community Improvement Authority, RB, M/F Housing(c)

    

4.00%, 10/01/46

     1,715       1,367,018  

2.65%, 12/01/46

     1,145       902,705  

4.00%, 07/01/56

     2,410       1,967,316  

4.00%, 08/01/56

     3,510       3,068,895  

3.00%, 09/01/56

     480       337,838  

3.00%, 02/01/57

     525       368,024  

3.25%, 04/01/57

     1,525       1,110,424  

4.00%, 04/01/57

     1,590       1,151,527  

4.00%, 05/01/57

     1,840       1,441,774  

3.25%, 10/01/58

     500       363,752  

Class 2, 4.00%, 06/01/58

     2,430       1,923,595  

Series A, 5.00%, 07/01/51

     340       325,451  

Series B, 4.00%, 02/01/57

     465       344,581  

Senior Lien, 3.00%, 06/01/47

     870       668,942  

Senior Lien, 3.13%, 06/01/57

     1,145       798,297  

Class 2, Senior Lien, 4.00%, 12/01/58

     1,410       1,132,564  

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

     1,095       681,055  
   

 

 

  
      41,370,239  
State — 16.1%  

California State Public Works Board, RB

    

4.00%, 05/01/42

     5,000       5,093,265  

Series F, 5.25%, 09/01/33

     4,335       4,485,316  

Series I, 5.50%, 11/01/33

     4,940       5,173,988  

California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/34

     7,750       8,430,287  

City of Roseville California, ST, 4.00%, 09/01/45

     350       334,353  

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41

     8,000       8,653,192  

State of California, GO, 4.00%, 03/01/50

     1,895       1,887,866  

State of California, Refunding GO

    

5.00%, 08/01/37

     13,000       14,332,214  

3.00%, 10/01/37

     12,000       10,702,620  

4.00%, 10/01/39

     1,540       1,570,709  

Refunding GO, 4.00%, 10/01/44

     5,000       5,029,715  

Various Purposes, 4.00%, 03/01/40

     600       610,777  
   

 

 

  
      66,304,302  
Tobacco — 5.9%  

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     245       240,106  

5.00%, 06/01/50

     275       293,197  

Series A, 4.00%, 06/01/49

     355       360,055  

California County Tobacco Securitization Agency, Refunding RB, CAB(b)

    

0.00%, 06/01/55

     2,425       474,320  

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

     1,755       309,191  
Security  

Par

(000)

     Value  
Tobacco (continued)  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/22(e)

  $ 18,670     $ 18,729,315  

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

     8,780       961,814  

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

     2,635       2,830,137  
   

 

 

  
      24,198,135  
Transportation — 18.9%  

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

     10,865       11,025,172  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, 4.00%, 05/15/42

     2,000       1,971,626  

Series D, AMT, 4.00%, 05/15/51

     5,000       4,812,080  

City of Los Angeles Department of Airports, Refunding RB

    

Series A, 5.00%, 05/15/39

     4,060       4,521,257  

AMT, Subordinate, 5.00%, 05/15/36

     5,000       5,420,505  

AMT, Subordinate, 5.00%, 05/15/38

     4,500       4,845,105  

County of Sacramento California Airport System Revenue, Refunding RB

    

4.00%, 07/01/39

     1,900       1,939,072  

Series A, 5.00%, 07/01/41

     13,500       14,261,386  

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

     4,135       4,238,495  

San Diego County Regional Airport Authority, Refunding RB

    

Subordinate, 4.00%, 07/01/38

     1,350       1,364,384  

Series A, Subordinate, 4.00%, 07/01/37

     1,200       1,216,271  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.00%, 05/01/42

     16,735       17,498,919  

Series D, AMT, 5.25%, 05/01/48

     2,250       2,411,851  

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

     2,000       2,126,126  
   

 

 

  
      77,652,249  
Utilities — 22.1%  

Beverly Hills Public Financing Authority, RB

    

Series A, 4.00%, 06/01/37

     500       523,913  

Series A, 4.00%, 06/01/38

     2,250       2,358,139  

Series A, 4.00%, 06/01/39

     1,715       1,795,878  

Series A, 4.00%, 06/01/40

     1,080       1,130,629  

East Bay Municipal Utility District Water System Revenue, RB, Series A, 5.00%, 06/01/45

     3,245       3,515,727  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     5,000       5,402,220  

Series A, 5.00%, 07/01/44

     1,500       1,620,642  

Series A, 5.25%, 07/01/44

     3,000       3,269,682  

Series B, 5.00%, 07/01/43

     7,940       8,729,562  

Los Angeles Department of Water, RB

    

Series A, 5.00%, 07/01/42

     10,670       11,506,347  

Series B, 5.00%, 07/01/38

     3,000       3,207,531  

Moulton-Niguel Water District, COP

    

2.00%, 09/01/41

     2,185       1,589,070  

2.00%, 09/01/42

     2,225       1,592,542  
 

 

 

SCHEDULE OF INVESTMENTS

   2

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Utilities (continued)  

Sacramento Municipal Utility District, Refunding RB

    

Series H, 4.00%, 08/15/40

   $ 1,575     $ 1,627,649  

Series H, 4.00%, 08/15/45

     22,560       22,965,944  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, 4.00%, 10/01/51

     3,600       3,712,406  

San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, 4.00%, 11/01/45

     1,415       1,481,413  

San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43

     2,485       2,716,639  

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

     1,800       1,781,341  

South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44

     9,130       10,095,872  
   

 

 

  
      90,623,146  
   

 

 

  

Total Municipal Bonds in California

 

     447,199,754  

Puerto Rico — 6.4%

 

State — 5.1%  

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

    

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

     2,845       2,880,335  

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

     10,154       10,393,431  

Series A-2, Restructured, 4.33%, 07/01/40

     2,588       2,566,282  

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

     2,530       2,572,942  

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

    8,577       2,409,768  
   

 

 

  
      20,822,758  
Tobacco — 0.1%  

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

     505       516,843  
   

 

 

  
Utilities — 1.2%  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB

    

Series A, Senior Lien, 5.00%, 07/01/33

     3,865       3,879,861  

Series A, Senior Lien, 5.13%, 07/01/37

     1,105       1,109,432  
   

 

 

  
      4,989,293  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     26,328,894  
   

 

 

  

Total Municipal Bonds — 115.3%
(Cost: $497,032,585)

 

     473,528,648  
   

 

 

  
Security  

Par

(000)

     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 52.4%

 

County/City/Special District/School District — 20.5%  

Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44

   $ 11,200     $ 12,323,147  

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

    15,140       16,341,563  

San Diego Unified School District, GO, Series I, 5.00%, 07/01/47

     10,000       10,601,075  

San Francisco Bay Area Rapid Transit District, GO, Series A, 5.00%, 08/01/47

     10,615       11,540,202  

Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45

     22,230       22,435,694  

Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43

     10,000       10,865,215  
   

 

 

  
      84,106,896  
Education — 16.7%  

California State University, Refunding RB, Series A, 5.00%, 11/01/43

     11,792       12,471,026  

University of California, RB

    

Series AM, 5.25%, 05/15/44

     5,000       5,239,085  

Series M, 5.00%, 05/15/42

     10,000       10,728,675  

University of California, Refunding RB

    

Series AI, 5.00%, 05/15/38

     14,225       14,563,302  

Series AR, 5.00%, 05/15/41

     10,165       10,820,248  

Series I, 5.00%, 05/15/40

     14,065       14,706,302  
   

 

 

  
      68,528,638  
State — 4.1%  

State of California, Refunding GO, 4.00%, 10/01/39

     16,620       16,951,411  
   

 

 

  
Transportation — 7.0%  

City of Los Angeles Department of Airports, ARB, AMT, Series D, 5.00%, 05/15/41

     18,632       19,364,078  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series B, 5.00%, 05/01/41

     8,720       9,191,713  
   

 

 

  
      28,555,791  
 

 

 

3  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Utilities — 4.1%  

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

   $ 6,412     $ 6,816,945  

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

     20,000       10,000,000  
   

 

 

  
      16,816,945  
   

 

 

  

Total Municipal Bonds in California

 

     214,959,681  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 52.4%
(Cost: $219,921,169)

 

     214,959,681  
   

 

 

  

Total Long-Term Investments — 167.7%
(Cost: $716,953,754)

 

     688,488,329  
   

 

 

  
     Shares         
Short-Term Securities  

Money Market Funds — 0.8%

 

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(g)(h)

    3,184,716       3,182,487  
   

 

 

  

Total Short-Term Securities — 0.8%
(Cost: $3,182,487)

 

     3,182,487  
   

 

 

  

Total Investments — 168.5%
(Cost: $720,136,241)

 

     691,670,816  

Liabilities in Excess of Other Assets — (0.6)%

 

     (2,430,337 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.2)%

 

     (107,507,157 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.7)%

 

     (171,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 410,433,322  
   

 

 

  
(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) 

Zero-coupon bond.

(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) 

When-issued security.

(e) 

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.

(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.

(g) 

Affiliate of the Trust.

(h) 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2022 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
04/30/22		     Shares
Held at
04/30/22		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $ —     $ 3,179,684 (a)    $ —     $ 2,803     $ —     $ 3,182,487       3,184,716     $ 4,832     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

SCHEDULE OF INVESTMENTS

   4

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

 

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

      184          06/21/22        $ 21,905        $ 390,024  

U.S. Long Bond

      227          06/21/22          31,894          878,386  

5-Year U.S. Treasury Note

      230          06/30/22          25,889          281,426  
                 

 

 

  
                  $ 1,549,836  
                 

 

 

  

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.

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

    $ —        $ 473,528,648        $             —        $ 473,528,648  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          214,959,681          —          214,959,681  

Short-Term Securities

                  

Money Market Funds

      3,182,487          —          —          3,182,487  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,182,487        $ 688,488,329        $ —        $ 691,670,816  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 1,549,836        $ —        $ —        $ 1,549,836  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

 

 

5  

Schedule of Investments  (unaudited) (continued)

April 30, 2022

   

BlackRock California Municipal Income Trust (BFZ)

 

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

    $ —        $ (107,405,847 )       $ —        $ (107,405,847 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (278,705,847 )       $             —        $ (278,705,847 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
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

 

 

SCHEDULE OF INVESTMENTS

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