NPORT-EX 2 NPORT_2773655093402883.htm EX-BFZ

Schedule of Investments  (unaudited) 

October 31, 2020

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

 

California — 87.3%

 

Corporate — 0.7%

    

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

   $        3,460     $     3,418,030  
   

 

 

  
County/City/Special District/School District — 19.1%  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     275       313,398  

Series A, 5.00%, 09/02/44

     160       179,635  

Series A, 5.00%, 09/02/48

     160       179,376  

California Statewide Communities Development Authority, SAB, S/F Housing, Series C, 5.00%, 09/02/44

     595       668,018  

City of San Jose California Hotel Tax Revenue, RB

    

6.13%, 05/01/31

     500       513,555  

6.50%, 05/01/36

     1,210       1,243,904  

6.50%, 05/01/42

     2,225       2,283,874  

El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(a)

    10,000       11,643,300  

Fremont Union High School District, GO, Series A, 4.00%, 08/01/40

     4,000       4,594,960  

Glendale Community College District, GO, Series A, 5.25%, 08/01/41

     5,000       6,177,800  

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

     4,950       6,065,087  

Hayward Unified School District, GO, (AGM), 4.00%, 08/01/45

     2,500       2,877,700  

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

     5,030       6,135,695  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     260       280,691  

4.00%, 08/15/50

     245       260,501  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/45

     8,990       10,571,880  

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

     8,000       9,553,920  

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

    7,215       4,523,228  

San Francisco Bay Area Rapid Transit District GO, 3.00%, 08/01/49

     9,965       10,521,047  

San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(a)

    2,000       2,241,020  

San Leandro Unified School District, GO, Series A, 5.75%, 08/01/41

     3,060       3,171,200  

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

     1,250       1,488,350  

West Contra Costa Unified School District, GO, Series A, 5.50%, 08/01/39

     2,500       2,807,325  

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

     3,670       4,296,653  
   

 

 

  
      92,592,117  
Education — 5.8%  

California Enterprise Development Authority, RB(c)

   

Series A, 5.00%, 07/01/50

     1,200       1,235,112  

Series A, 5.00%, 07/01/55

     600       614,880  

California Municipal Finance Authority, RB(c)

   

Series A, 5.00%, 10/01/39

     220       231,194  
Security  

Par

(000)

     Value  
Education (continued)  

California Municipal Finance Authority, RB(c) (continued)

    

Series A, 5.00%, 10/01/49

   $           370     $        381,440  

Series A, 5.00%, 10/01/57

     725       742,625  

California Municipal Finance Authority, Refunding RB
5.00%, 08/01/34

     750       811,455  

5.00%, 08/01/39

     425       442,221  

5.00%, 08/01/48

     615       633,085  

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

    285       277,162  

California School Finance Authority, RB(c)

5.00%, 06/01/40

     270       285,679  

5.00%, 06/01/50

     430       447,277  

5.00%, 06/01/59

     685       708,160  

Series A, 5.00%, 06/01/49

     1,000       1,053,520  

Series A, 5.00%, 06/01/58

     2,120       2,232,381  

California Statewide Communities Development Authority, RB, 5.00%, 06/01/51(c)

    240       240,442  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     600       623,550  

Series A, 5.00%, 07/01/61

     3,600       3,653,136  

University of California, Refunding RB

    

Series AR, 5.00%, 05/15/38

     4,250       5,113,260  

Series AZ, 5.00%, 05/15/43

     5,035       6,199,646  

Series BE, 4.00%, 05/15/40

     2,000       2,363,740  
   

 

 

  
      28,289,965  
Health — 5.3%  

California Health Facilities Financing Authority, RB

    

Series A, 5.00%, 11/15/25(a)

    4,580       5,632,805  

Series A, 5.25%, 11/01/41(d)

    8,500       8,856,915  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 4.00%, 04/01/49

     3,005       3,296,335  

Series A, 4.00%, 08/15/50

     1,200       1,373,052  

Series B, 5.00%, 11/15/46

     5,000       5,831,100  

California Municipal Finance Authority, Refunding RB(c)

   

Series A, 5.00%, 11/01/39

     195       206,222  

Series A, 5.00%, 11/01/49

     220       227,077  
   

 

 

  
      25,423,506  
Housing — 0.6%  

California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(c)

    2,450       2,702,056  

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

     1       816  
   

 

 

  
      2,702,872  
State — 10.9%  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     4,335       4,880,863  

Series I, 5.50%, 11/01/33

     4,940       5,649,927  

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

     7,750       9,375,175  

California Statewide Communities Development Authority, SAB, S/F Housing
5.00%, 09/02/40

     300       336,162  

4.00%, 09/02/50

     240       244,145  

5.00%, 09/02/50

     240       263,690  

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

     350       364,606  
 

 

 

  1

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
State (continued)  

State of California GO, 3.00%, 10/01/37

   $      14,000     $   15,207,780  

State of California, Refunding GO, 5.00%, 08/01/37

     13,000       16,296,540  
   

 

 

  
      52,618,888  
Tobacco — 5.6%  

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

     245       269,833  

5.00%, 06/01/50

     285       315,173  

Series A, 4.00%, 06/01/49

     355       393,663  

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

     2,425       511,457  

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

     3,635       630,455  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     475       487,331  

Series A-2, 5.00%, 06/01/47

     18,670       19,154,673  

Tobacco Securitization Authority of Northern California, Refunding RB, Series A-1, 5.38%, 06/01/38

     2,000       2,003,840  

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

     2,695       3,143,421  
   

 

 

  
      26,909,846  
Transportation — 25.5%  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/29

     2,045       2,253,386  

Series A, AMT, 5.00%, 05/15/37

     3,520       4,184,858  

Series A, AMT, 5.00%, 05/15/44

     5,885       6,890,805  

Series B, AMT, 5.00%, 05/15/36

     2,600       3,012,334  

Sub-Series A, AMT, 5.00%, 05/15/42

     26,875       30,600,950  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, Subordinate, 5.00%, 05/15/34

     1,000       1,229,590  

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

     5,000       6,040,550  

City of Los Angeles Department of Airports, Refunding RB, Series A, 5.00%, 05/15/39

     5,425       6,730,526  

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

     13,500       15,503,400  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A-1, AMT, 5.75%, 03/01/34

     5,875       5,966,532  

Series A-1, AMT, 6.25%, 03/01/34

     2,650       2,695,606  

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

     4,135       4,598,906  

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

    

Series A, AMT, 5.00%, 05/01/42

     16,735       19,455,944  

Series A, AMT, 5.00%, 05/01/44

     7,500       8,910,750  

Series D, AMT, 5.25%, 05/01/48

     2,250       2,656,260  

Series E, AMT, 5.00%, 05/01/40

     2,000       2,408,460  
   

 

 

  
      123,138,857  
Utilities — 13.8%  

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 5.00%, 11/01/32

     5,000       6,306,400  

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

     3,245       3,949,360  
Security  

Par

(000)

     Value  
Utilities (continued)  

East Bay Municipal Utility District Water System Revenue, RB (continued)

    

Series C, 4.00%, 06/01/45

   $        5,000     $     5,542,250  

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

    

Series A, 5.00%, 07/01/42

     10,670       12,848,174  

Series B, 5.00%, 07/01/38

     3,000       3,591,090  

Los Angeles Department of Water, Refunding RB

    

Series A, 5.00%, 07/01/41

     5,000       6,044,050  

Series A, 5.00%, 07/01/44

     1,500       1,803,930  

Series A, 5.25%, 07/01/44

     3,000       3,668,100  

Series B, 5.00%, 07/01/43

     7,150       8,829,749  

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

     2,485       3,067,385  

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

     9,130       11,197,123  
   

 

 

  
      66,847,611  
   

 

 

  

Total Municipal Bonds in California

       421,941,692  
   

 

 

  

Puerto Rico — 6.1%

 

State — 4.4%

 

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

    

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

     2,845       2,982,527  

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

     10,154       10,799,185  

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

     2,588       2,663,906  

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

     2,530       2,656,222  

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

    8,577       2,466,402  
   

 

 

  
      21,568,242  
Tobacco — 0.1%  

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

     505       515,004  
   

 

 

  

Utilities — 1.6%

    

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB

    

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

     3,865       3,923,014  

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

     1,105       1,121,774  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38

     2,550       2,554,360  
   

 

 

  
      7,599,148  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       29,682,394  
   

 

 

  

Total Municipal Bonds — 93.4%
(Cost: $423,468,662)

       451,624,086  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 68.8%

 

County/City/Special District/School District — 24.4%  

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

     11,200       13,839,504  

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

    15,140       17,729,849  
 

 

 

2  

    

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

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

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

   $      10,000     $   12,093,500  

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

     10,615       12,865,057  

San Joaquin Delta Community College District, GO, Series C, 5.00%, 08/01/24(a)

    14,505       16,998,552  

San Jose Unified School District, GO, Series C, 4.00%, 08/01/39

     6,100       6,725,433  

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

     22,230       25,396,441  

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

     10,000       12,368,000  
   

 

 

  
      118,016,336  
Education — 15.7%  

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

     11,792       13,978,996  

University of California, RB

    

Series AM, 5.25%, 05/15/44

     5,000       5,720,050  

Series M, 5.00%, 05/15/42

     10,000       12,050,100  

University of California, Refunding RB

    

Series AI, 5.00%, 05/15/38

     14,225       15,723,887  

Series AR, 5.00%, 05/15/41

     10,165       12,115,561  

Series I, 5.00%, 05/15/40

     14,065       16,381,082  
   

 

 

  
      75,969,676  
Health — 9.3%  

California Health Facilities Financing Authority, RB(a)

   

Series A, 5.00%, 08/15/23

     9,695       10,598,574  

Series A, 5.00%, 11/15/25

     11,620       14,291,089  

California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42

     18,960       19,963,553  
   

 

 

  
      44,853,216  
State — 4.1%  

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

     16,620       19,527,835  

Transportation — 8.9%

    

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

     10,865       12,168,256  

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

     18,632       21,012,106  

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

     8,720       9,964,257  
   

 

 

  
      43,144,619  
Security  

Par

(000)

     Value  

Utilities — 6.4%

 

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

   $        6,412     $     7,502,165  

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

     20,000       23,533,200  
   

 

 

  
      31,035,365  
   

 

 

  

Total Municipal Bonds in California

       332,547,047  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 68.8%
(Cost: $312,897,777)

 

     332,547,047  
   

 

 

  

Total Long-Term Investments — 162.2%
(Cost: $736,366,439)

 

     784,171,133  
   

 

 

  
     Shares         
Short-Term Securities            

Money Market Funds — 1.2%

    

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

    5,971,643       5,971,643  
   

 

 

  

Total Short-Term Securities — 1.2%
(Cost: $5,971,643)

       5,971,643  
   

 

 

  

Total Investments — 163.4%
(Cost: $742,338,082)

       790,142,776  

Other Assets Less Liabilities — 1.6%

       8,015,429  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.6)%

 

     (143,323,676 ) 

VMTP Shares at Liquidation Value — (35.4)%

 

     (171,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 483,534,529  
   

 

 

  

 

(a) 

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.

(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) 

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.

(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.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/20		      Shares
Held at
10/31/20		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

    $ 614,041      $ 5,357,613 (a)     $ —      $ (11 )     $ —      $ 5,971,643        5,971,643      $ 68      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

  3

Schedule of Investments  (unaudited) (continued)

October 31, 2020

   

BlackRock California Municipal Income Trust (BFZ)

 

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.

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)

 

  •  

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 investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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

    $ —        $   451,624,086        $             —        $   451,624,086  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          332,547,047          —          332,547,047  

Short-Term Securities

                  

Money Market Funds

      5,971,643          —          —          5,971,643  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 5,971,643        $ 784,171,133        $ —        $ 790,142,776  
  

 

 

       

 

 

       

 

 

       

 

 

  

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 disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

 

TOB Trust Certificates

    $             —        $ (143,275,836 )       $             —        $ (143,275,836 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (314,575,836 )       $ —        $ (314,575,836 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
M/F    Multi-Family
Portfolio Abbreviation (continued)
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
ST    Special Tax
 

 

 

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