Schedule of Investments (unaudited) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 94.4% |
| |||||||
California — 89.0% | ||||||||
County/City/Special District/School District — 26.1% | ||||||||
California Municipal Finance Authority, RB, Series A: |
| |||||||
Orange County Civic Center Infrastructure Improvement Program Phase I, | $ | 5,000 | $ | 6,037,450 | ||||
Orange County Civic Center Infrastructure Improvement Program Phase II, | 2,545 | 3,096,374 | ||||||
California Statewide Communities Development Authority, RB, Lancer Educational Student Housing Project, 5.00%, 06/01/51(a) | 240 | 278,378 | ||||||
California Statewide Communities Development Authority, Special Assessment, Statewide Community Infrastructure Program, Series A: | ||||||||
5.00%, 09/02/39 | 290 | 344,503 | ||||||
5.00%, 09/02/44 | 170 | 199,653 | ||||||
5.00%, 09/02/48 | 170 | 198,613 | ||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | ||||||||
6.13%, 05/01/31 | 500 | 535,090 | ||||||
6.50%, 05/01/36 | 1,210 | 1,298,645 | ||||||
6.50%, 05/01/42 | 2,225 | 2,381,551 | ||||||
County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, | 13,425 | 16,349,368 | ||||||
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45 | 8,990 | 10,670,591 | ||||||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, | 2,880 | 3,068,467 | ||||||
Fremont Union High School District, GO, Series A, 4.00%, 08/01/40 | 5,000 | 5,668,250 | ||||||
Glendale Community California College District, GO, Election of 2016, Series A, 5.25%, 08/01/41 | 5,000 | 6,229,750 | ||||||
Mount San Antonio Community College District, GO, Refunding, Election of 2018, Series A, 5.00%, 08/01/44 | 5,000 | 6,296,750 | ||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District, 5.00%, 10/01/41 | 8,000 | 9,606,560 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
San Francisco Bay Area Rapid Transit District, GO, Green Bond, Election of 2004, Series F-1, 3.00%, 08/01/38 | $ | 5,000 | $ | 5,246,400 | ||||
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/32 | 3,375 | 3,822,694 | ||||||
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41 | 3,060 | 3,277,168 | ||||||
Santa Monica Public Financing Authority, RB, Downtown Fire Station Project, 5.00%, 07/01/42 | 1,250 | 1,518,987 | ||||||
State of California, GO, Refunding: | ||||||||
5.00%, 04/01/45 | 6,325 | 7,909,286 | ||||||
Various Purposes-Bid Group, 5.00%, 08/01/37 | 15,000 | 18,738,300 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19(b) | 2,300 | 2,300,000 | ||||||
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 08/01/21(b) | 3,445 | 3,695,486 | ||||||
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38 | 1,625 | 1,912,332 | ||||||
West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 08/01/39 | 2,500 | 2,866,375 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 | 3,670 | 4,227,840 | ||||||
|
| |||||||
127,774,861 | ||||||||
Education — 5.5% | ||||||||
California Educational Facilities Authority, Refunding RB, San Francisco University(b): | ||||||||
6.13%, 10/01/21 | 3,075 | 3,370,354 | ||||||
6.13%, 10/01/21 | 3,205 | 3,512,840 | ||||||
California Municipal Finance Authority, RB, Emerson College, 5.75%, 01/01/22(b) | 2,500 | 2,751,075 | ||||||
California Municipal Finance Authority, Refunding RB, William Jessup University: | ||||||||
5.00%, 08/01/39 | 425 | 483,765 | ||||||
5.00%, 08/01/48 | 510 | 570,037 | ||||||
California Public Finance Authority, RB, Trinity Classical Academy Project, Series A, 5.00%, 07/01/54(a) | 285 | 298,426 |
1
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
California School Finance Authority, RB, Real Journey Academies, Series A, | $ | 2,120 | $ | 2,208,680 | ||||
University of California, Refunding RB: |
| |||||||
General, Series AZ, 5.00%, 05/15/43 | 7,000 | 8,607,970 | ||||||
Series AR, 5.00%, 05/15/38 | 4,250 | 5,119,422 | ||||||
|
| |||||||
26,922,569 | ||||||||
Health — 8.1% | ||||||||
California Health Facilities Financing Authority, RB: |
| |||||||
Children’s Hospital, Series A, 5.25%, 11/01/41 | 8,500 | 9,103,415 | ||||||
Sutter Health, Series A, 5.00%, 11/15/41 | 3,000 | 3,541,500 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20(b) | 6,015 | 6,247,480 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series B, 5.00%, 11/15/46 | 5,000 | 5,930,850 | ||||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, 5.50%, 12/01/58(a) | 930 | 1,103,361 | ||||||
California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41 | 4,000 | 4,278,960 | ||||||
State of California Public Works Board, | 7,750 | 9,334,255 | ||||||
|
| |||||||
39,539,821 | ||||||||
Housing — 0.8% | ||||||||
California Community Housing Agency, RB, M/F Housing, Annadel Apartments, Series A, 5.00%, 04/01/49(a) | 3,470 | 3,849,410 | ||||||
California Housing Finance, RB, S/F Housing, Series A, 4.25%, 01/15/35 | 727 | 1,815 | ||||||
|
| |||||||
3,851,225 | ||||||||
State — 3.4% | ||||||||
Hayward Area Recreation & Park District, GO, Series A, 5.00%, 08/01/42 | 4,950 | 6,089,539 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33 | 4,940 | 5,709,504 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33 | $ | 4,335 | $ | 4,942,724 | ||||
|
| |||||||
16,741,767 | ||||||||
Tobacco — 6.1% | ||||||||
County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45 | 1,135 | 1,143,830 | ||||||
Golden State Tobacco Securitization Corp., |
| |||||||
Series A-1, 5.00%, 06/01/47 | 18,670 | 19,217,964 | ||||||
Series A-2, 5.00%, 06/01/47 | 475 | 488,941 | ||||||
Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 06/01/38 | 2,000 | 2,010,540 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB: | ||||||||
5.00%, 06/01/48 | 1,445 | 1,664,467 | ||||||
Tobacco Settlement, Asset-Backed, Senior Series A-1, | ||||||||
5.00%, 06/01/37 | 4,425 | 4,426,903 | ||||||
5.13%, 06/01/46 | 885 | 886,142 | ||||||
|
| |||||||
29,838,787 | ||||||||
Transportation — 18.2% | ||||||||
California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29(c) | 2,870 | 3,257,766 | ||||||
City & County of San Francisco Airports San Francisco International Airport, Refunding ARB, AMT, Series E: | ||||||||
5.00%, 05/01/40 | 2,000 | 2,432,600 | ||||||
5.00%, 05/01/45 | 2,000 | 2,414,180 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/42 | 16,535 | 19,372,737 | ||||||
City of Los Angeles California Department of Airports, ARB, AMT: | ||||||||
Los Angeles International Airport, Series A, 5.00%, 05/15/37 | 3,515 | 4,267,351 | ||||||
5.00%, 05/15/44 | 2,885 | 3,452,364 | ||||||
5.00%, 05/15/36 | 2,600 | 3,055,026 | ||||||
5.00%, 05/15/42 | 4,220 | 4,888,406 | ||||||
Subordinate, Series C, 5.00%, 05/15/44 | 1,000 | 1,200,300 |
2
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
City of Los Angeles California Department of Airports, Refunding ARB, AMT: | ||||||||
Los Angeles International Airport, 5.00%, 05/15/36 | $ | 600 | $ | 740,784 | ||||
Subordinate, Series A, 5.00%, 05/15/38 | 5,000 | 6,168,750 | ||||||
City of Los Angeles Department of Airports, ARB, Los Angeles International Airport: | ||||||||
AMT, 4.00%, 05/15/44 | 5,000 | 5,584,450 | ||||||
Series E, 5.00%, 05/15/44 | 4,000 | 4,925,280 | ||||||
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT: | ||||||||
5.75%, 03/01/34 | 3,875 | 4,085,257 | ||||||
6.25%, 03/01/34 | 2,650 | 2,811,782 | ||||||
County of Sacramento California Airport System Revenue, Refunding ARB, Senior Series A, 5.00%, 07/01/41 | 13,500 | 15,997,230 | ||||||
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44 | 4,135 | 4,692,894 | ||||||
|
| |||||||
89,347,157 | ||||||||
Utilities — 20.8% | ||||||||
City & County of San Francisco Public Utilities Commission Wastewater Revenue, RB, | 2,485 | 3,086,594 | ||||||
City of Los Angeles California Department of Water & Power, RB, Power System, Series A, 5.00%, 07/01/42 | 10,670 | 12,811,042 | ||||||
City of Los Angeles California Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/43 | 6,150 | 7,596,418 | ||||||
City of Petaluma California Wastewater Revenue, Refunding RB, 6.00%, 05/01/21(b) | 5,625 | 6,038,494 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37 | $ | 5,000 | $ | 5,379,500 | ||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Green Bond, Series D, 5.00%, 11/01/32 | 7,090 | 8,968,921 | ||||||
City of San Mateo Foster Public Financing Authority, RB, Clean Water Program, 4.00%, 08/01/44 | 5,900 | 6,826,772 | ||||||
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(b) | 2,425 | 2,573,652 | ||||||
East Bay California Municipal Utility District Water System Revenue, RB: | ||||||||
Green Bond, Series A, 5.00%, 06/01/45 | 3,230 | 3,940,245 | ||||||
Water System, Series C, 4.00%, 06/01/45 | 5,000 | 5,491,950 | ||||||
El Dorado Irrigation District, Refunding RB, | 10,000 | 11,549,600 | ||||||
Los Angeles Department of Water, Refunding RB, |
| |||||||
5.00%, 07/01/41 | 5,000 | 6,032,400 | ||||||
5.25%, 07/01/44 | 3,000 | 3,674,580 | ||||||
Water System, 5.00%, 07/01/44 | 1,500 | 1,803,300 | ||||||
Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38 | 3,000 | 3,551,490 | ||||||
Milpitas Municipal Financing Authority, RB, 4.00%, 06/01/44(c) | 1,000 | 1,129,370 | ||||||
South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44 | 9,130 | 11,282,124 | ||||||
|
| |||||||
101,736,452 | ||||||||
|
| |||||||
Total Municipal Bonds in California |
| 435,752,639 | ||||||
|
| |||||||
Puerto Rico — 5.4% | ||||||||
State — 3.7% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | ||||||||
CAB, Series A-1, 0.00%, 07/01/46(d) | 3,157 | 828,839 | ||||||
Series A-1, 4.75%, 07/01/53 | 2,467 | 2,544,414 | ||||||
Series A-1, 5.00%, 07/01/58 | 9,125 | 9,549,860 | ||||||
Series A-2, 4.33%, 07/01/40 | 2,588 | 2,622,213 | ||||||
Series A-2, 4.78%, 07/01/58 | 2,530 | 2,603,952 | ||||||
|
| |||||||
18,149,278 |
3
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Tobacco — 0.1% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, | $ | 505 | $ | 512,878 | ||||
|
| |||||||
Utilities — 1.6% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | ||||||||
5.00%, 07/01/33 | 3,865 | 4,050,211 | ||||||
5.13%, 07/01/37 | 1,105 | 1,160,416 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, | 2,550 | 2,576,316 | ||||||
|
| |||||||
7,786,943 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico |
| 26,449,099 | ||||||
|
| |||||||
Total Municipal Bonds — 94.4% |
| 462,201,738 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
| |||||||
California— 71.4% | ||||||||
County/City/Special District/School District— 30.7% | ||||||||
County of Los Angeles California Metropolitan Transportation Authority, RB, Green Bond, Series A, 5.00%, 07/01/44 | 11,200 | 13,810,608 | ||||||
County of Santa Clara California Financing Authority, RB, Series A, 4.00%, 05/01/45 | 22,230 | 25,143,019 | ||||||
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b)(f) | 12,903 | 13,305,834 | ||||||
Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44 | 15,140 | 17,999,643 | ||||||
San Diego Unified School District California, GO, Election of 2012, Series I, | 10,000 | 12,155,200 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
San Francisco California Bay Area Rapid Transit District, GO, Election 2016, Green Bond, Series A, 5.00%, 08/01/47 | $ | 10,615 | $ | 12,950,193 | ||||
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, | 14,505 | 16,777,347 | ||||||
San Jose Unified School District, GO, Series C, 4.00%, 08/01/39 | 6,100 | 6,722,810 | ||||||
Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43 | 10,000 | 12,369,200 | ||||||
State of California, GO, Refunding, | 16,620 | 19,214,216 | ||||||
|
| |||||||
150,448,070 | ||||||||
Education— 13.2% | ||||||||
University of California, RB: | ||||||||
Limited Project, Series M, 5.00%, 05/15/42 | 10,000 | 12,071,000 | ||||||
Series AM, 5.25%, 05/15/44 | 5,000 | 5,806,000 | ||||||
University of California, Refunding RB: | ||||||||
Series A, 5.00%, 11/01/43 | 11,792 | 13,909,924 | ||||||
Series AI, 5.00%, 05/15/38 | 14,225 | 16,009,099 | ||||||
Series I, 5.00%, 05/15/40 | 14,065 | 16,513,291 | ||||||
|
| |||||||
64,309,314 | ||||||||
Health— 9.2% | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series A: | ||||||||
5.00%, 11/15/41 | 11,620 | 13,717,410 | ||||||
5.00%, 08/15/52 | 9,695 | 10,804,496 | ||||||
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42 | 18,960 | 20,563,447 | ||||||
|
| |||||||
45,085,353 | ||||||||
State— 2.5% | ||||||||
University of California, Refunding RB, | 10,165 | 12,102,247 | ||||||
|
| |||||||
Transportation— 14.3% | ||||||||
City & County of San Francisco California, COP, Green Bond, 49 South Van Ness Project, 4.00%, 04/01/43 | 10,865 | 12,088,831 |
4
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 05/01/41 | $ | 8,720 | $ | 10,117,467 | ||||
City of Los Angeles California Department of Airports, ARB, AMT: | ||||||||
Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42 | 22,710 | 26,307,032 | ||||||
Series D, 5.00%, 05/15/41 | 18,632 | 21,502,690 | ||||||
|
| |||||||
70,016,020 |
Security | Par (000) | Value | ||||||
Utilities— 1.5% | ||||||||
Los Angeles Department of Water, | $ | 6,412 | $ | 7,501,395 | ||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 71.4% |
| 349,462,399 | ||||||
|
| |||||||
Total Long-Term Investments — 165.8% |
| 811,664,137 | ||||||
|
| |||||||
Other Assets Less Liabilities — 0.6% |
| 2,956,042 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (31.4)% |
| (153,835,011 | ) | |||||
VMTP Shares at Liquidation Value — (35.0)% |
| (171,300,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 489,485,168 | |||||
|
|
(a) | 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. |
(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) | When-issued security. |
(d) | Zero-coupon bond. |
(e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
(f) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement which expires on May 18, 2020, is $6,798,110. |
During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliate | Shares Held at 7/31/2019 | Net Activity | Shares Held at 10/31/19 | Value at 10/31/19 | Income | Net Realized Gain (Loss) (a) | Change in Appreciation | |||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class(b) | — | — | — | $ | — | $ | 5,734 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
(b) | As of period end, the entity is no longer held by the Trust. |
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 ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
5
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) |
Portfolio Abbreviations | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
GO | General Obligation Bonds | |
LRB | Lease Revenue Bonds | |
M/F | Multi-Family | |
RB | Revenue Bonds | |
S/F | Single-Family |
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 | 107 | 12/19/19 | 13,942 | 44,571 | ||||||||||||
Long U.S. Treasury Bond | 115 | 12/19/19 | 18,558 | 136,420 | ||||||||||||
5-Year U.S. Treasury Note | 13 | 12/31/19 | 1,550 | (3,345 | ) | |||||||||||
|
| |||||||||||||||
$ | 177,646 | |||||||||||||||
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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”) own assumptions used in determining the fair value of investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.
6
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock California Municipal Income Trust (BFZ) |
Fair Value Hierarchy as of Period End (continued)
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments (a) | $ | — | $ | 811,664,137 | $ | — | $ | 811,664,137 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments (b) | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate contracts | $ | 180,991 | $ | — | $ | — | $ | 180,991 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate contracts | (3,345 | ) | — | — | (3,345 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 177,646 | $ | — | $ | — | $ | 177,646 | |||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each sector. |
(b) | 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 statement 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 | $ | — | $ | (153,373,735 | ) | $ | — | $ | (153,373,735 | ) | ||||||
VMTP Shares at Liquidation Value | — | (171,300,000 | ) | — | (171,300,000 | ) | ||||||||||
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$ | — | $ | (324,673,735 | ) | $ | — | $ | (324,673,735 | ) | |||||||
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