BlackRock California Municipal Income Trust (BFZ) NPORT-P BlackRock California Municipal Income Trust (Apr 2020 report)

Schedule of Investments  (unaudited)  April 30, 2020 BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 101.7%
California — 96.4%
County/City/Special District/School District — 22.4%
California Municipal Finance Authority, RB, Orange County Civic Center Infrastructure Improvement Program Phase I, Series A, 5.00%, 06/01/42	$	1,500	$	1,715,265
California Statewide Communities Development Authority, RB, Lancer Educational Student Housing Project, 5.00%, 06/01/51(a)		240		214,846
California Statewide Communities Development Authority, Special Assessment, Statewide Community Infrastructure Program, Series A:
5.00%, 09/02/39		290		321,294
5.00%, 09/02/44		170		184,074
5.00%, 09/02/48		170		184,113
Chaffey Joint Union High School District, GO, Election of 2012, Series C, 5.25%, 08/01/47		200		238,624
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 05/01/31		500		521,385
6.50%, 05/01/36		1,210		1,264,535
6.50%, 05/01/42		2,225		2,320,319
County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42		6,000		7,011,180
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		10,106,468
Fremont Union High School District, GO, Series A, 4.00%, 08/01/40		4,000		4,442,880
Glendale Community California College District, GO, Election of 2016, Series A, 5.25%, 08/01/41		5,000		5,990,700
Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.00%, 10/01/41		8,000		9,445,280
San Diego Unified School District California, GO, Election of 2008, Series C, 0.00%, 07/01/40(b)		7,215		4,060,458
San Francisco Bay Area Rapid Transit District, GO:
3.00%, 08/01/49		9,965		10,025,587
Green Bond, Election of 2004, Series F-1, 3.00%, 08/01/38		5,000		5,223,400
Green Bond, Series F-1, 3.00%, 08/01/37		2,930		3,073,834

Security	Par (000)		Value
County/City/Special District/School District (continued)
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/32	$	3,375	$	3,725,494
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41		3,060		3,217,559
Santa Monica Public Financing Authority, RB, Downtown Fire Station Project, 5.00%, 07/01/42		1,250		1,450,337
State of California, GO, Refunding, Various Purposes-Bid Group, 5.00%, 08/01/37		15,000		17,955,300
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38		1,625		1,873,544
West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 08/01/39		2,500		2,815,275
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44		3,670		4,151,431
				101,533,182
Education — 4.3%
California Enterprise Development Authority, RB, Academy for Academic Excellence Project, Series A(a):
5.00%, 07/01/50		1,200		1,139,136
5.00%, 07/01/55		600		562,356
California Municipal Finance Authority, RB, John Adams Academy, Series A(a):
5.00%, 10/01/39		220		203,295
5.00%, 10/01/49		370		324,864
5.00%, 10/01/57		725		620,071
California Municipal Finance Authority, Refunding RB:
Master’s University, 5.00%, 08/01/48		105		94,711
The Master’s University, 5.00%, 08/01/34		750		748,125
William Jessup University, 5.00%, 08/01/39		425		405,943
William Jessup University, 5.00%, 08/01/48		510		460,550
California Public Finance Authority, RB, Trinity Classical Academy Project, Series A, 5.00%, 07/01/54(a)		285		229,203
California School Finance Authority, RB(a):
Arts in Action Charter Schools, 5.00%, 06/01/40		270		254,524
Arts in Action Charter Schools, 5.00%, 06/01/50		430		391,317

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education (continued)
Arts In Action Charter Schools, 5.00%, 06/01/59	$	685	$	608,698
Real Journey Academies, Series A, 5.00%, 06/01/58		2,120		1,695,004
Teach Public Schools, Series A, 5.00%, 06/01/49		1,000		933,480
University of California, Refunding RB:
General, Series AZ, 5.00%, 05/15/43		5,000		5,921,250
Series AR, 5.00%, 05/15/38		4,250		4,924,517
				19,517,044
Health — 6.6%
California Health Facilities Financing Authority, RB, Series A:
Children’s Hospital, 5.25%, 11/01/41		8,500		8,952,795
Sutter Health, 5.00%, 11/15/41		4,580		5,017,665
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series B, 5.00%, 11/15/46		5,000		5,462,950
California Municipal Finance Authority, Refunding RB, Series A(a):
5.00%, 11/01/39		195		176,896
5.00%, 11/01/49		220		188,936
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, 5.50%, 12/01/58(a)		930		949,651
State of California Public Works Board, Refunding RB, Various Capital Projects, Series C, 5.00%, 11/01/34		7,750		9,026,812
				29,775,705
Housing — 0.7%
California Community Housing Agency, RB, M/F Housing, Annadel Apartments, Series A, 5.00%, 04/01/49(a)		2,700		2,553,282
California Housing Finance, RB, M/F Housing, Series A, 4.25%, 01/15/35(d)		1		697
California Statewide Communities Development Authority, Special Assessment Bonds, S/F Housing, Statewide Community Infrastructure Program, Series C, 5.00%, 09/02/44		595		644,260
				3,198,239
State — 8.8%
Hayward Area Recreation & Park District, GO, Series A, 5.00%, 08/01/42		4,950		5,921,635
State of California, GO, Refunding, Various Purpose, 4.00%, 03/01/37		1,000		1,128,720

Security	Par (000)		Value
State (continued)
State of California, GO, Refunding, Construction Bonds, 4.00%, 10/01/44	$	3,915	$	4,295,421
State of California, GO, Refunding, 3.00%, 10/01/37		17,130		17,883,720
State of California Public Works Board, RB:
Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		4,335		4,841,761
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,601,911
				39,673,168
Tobacco — 5.4%
County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45		1,135		1,058,569
Golden State Tobacco Securitization Corp., Refunding RB:
Series A-1, 5.00%, 06/01/47		475		461,163
Series A-2, 5.00%, 06/01/47		18,670		18,214,079
Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 06/01/38		2,000		1,966,940
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Asset Securitization Corporation, 5.00%, 06/01/48		2,695		2,717,126
				24,417,877
Transportation — 25.5%
California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29		3,460		3,329,627
City & County of San Francisco California Airports Commission, Refunding ARB, AMT:
Series C, 5.00%, 05/01/42		16,535		18,289,364
San Francisco International Airport, Series D, 5.25%, 05/01/48		2,250		2,526,323
Series E, 5.00%, 05/01/40		2,000		2,265,100
City of Los Angeles California Department of Airports, ARB, AMT:
Los Angeles International Airport, Series A, 5.00%, 05/15/37		3,515		3,979,859
Los Angeles International Airport, Series A, 5.00%, 05/15/44		2,885		3,198,628
Los Angeles International Airport, Series B, 5.00%, 05/15/36		2,600		2,870,504

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42	$	26,030	$	28,314,913
Subordinate, Series C, 5.00%, 05/15/44		1,000		1,093,790
City of Los Angeles California Department of Airports, Refunding ARB, AMT:
Los Angeles International Airport, 5.00%, 05/15/36		600		689,424
Subordinate, Series A, 5.00%, 05/15/38		5,000		5,712,200
City of Los Angeles Department of Airports, ARB:
Los Angeles International Airport, AMT, 5.00%, 05/15/29		2,045		2,228,559
Los Angeles International Airport, Subordinate, AMT, 5.00%, 05/15/34		1,000		1,142,910
Los Angeles International Airport, AMT, 4.00%, 05/15/44		4,000		4,086,160
Los Angeles International Airport, Series E, 5.00%, 05/15/44		1,075		1,223,726
City of Los Angeles Department of Airports, Refunding RB:
AMT, 5.00%, 05/15/34		1,000		1,155,740
Los Angeles International Airport, 5.00%, 05/15/39		4,000		4,835,960
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT:
5.75%, 03/01/34		5,875		6,044,494
6.25%, 03/01/34		2,650		2,737,212
County of Sacramento California Airport System Revenue, Refunding ARB, Senior Series A, 5.00%, 07/01/41		13,500		15,129,585
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44		4,135		4,495,613
				115,349,691
Utilities — 22.7%
City & County of San Francisco Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43		2,485		2,919,850
City of Los Angeles California Department of Water & Power, RB, Power System, Series A, 5.00%, 07/01/42		10,670		12,413,691
City of Los Angeles California Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/43		6,675		7,989,441
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Green Bond, Series D, 5.00%, 11/01/32		7,090		8,716,588

Security	Par (000)		Value
Utilities (continued)
East Bay California Municipal Utility District Water System Revenue, RB:
Green Bond, Series A, 5.00%, 06/01/44	$	2,000	$	2,402,480
Green Bond, Series A, 5.00%, 06/01/45		3,230		3,738,757
Water System, Series C, 4.00%, 06/01/45		5,000		5,369,950
El Dorado Irrigation District, Refunding RB, Series A (AGM), 5.25%, 03/01/39		10,000		11,379,700
Los Angeles Department of Water, Refunding RB, Series A:
5.00%, 07/01/41		5,000		5,846,800
5.25%, 07/01/44		3,000		3,555,390
Water System, 5.00%, 07/01/44		1,500		1,740,900
Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38		3,000		3,467,160
Sacramento Municipal Utility District, Refunding RB, Electric Revenue Bonds, Series H, 4.00%, 08/15/45(e)		20,000		22,362,200
South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44		9,130		10,794,947
				102,697,854
Total Municipal Bonds in California				436,162,760
Puerto Rico — 5.3%
State — 3.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46(b)		3,157		725,984
Series A-1, 4.75%, 07/01/53		2,467		2,222,348
Series A-1, 5.00%, 07/01/58		9,125		8,522,932
Series A-2, 4.33%, 07/01/40		2,588		2,311,343
Series A-2, 4.78%, 07/01/58		2,530		2,277,481
				16,060,088
Tobacco — 0.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.50%, 05/15/39		505		505,399
Utilities — 1.6%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		3,865		3,671,170
5.13%, 07/01/37		1,105		1,043,330

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities (continued)
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38	$	2,550	$	2,528,886
				7,243,386
Total Municipal Bonds in Puerto Rico				23,808,873
Total Municipal Bonds — 101.7% (Cost — $452,116,351)				459,971,633
Municipal Bonds Transferred to Tender Option Bond Trusts(c)
California — 66.4%
County/City/Special District/School District — 29.7%
County of Los Angeles California Metropolitan Transportation Authority, RB, Green Bond, Series A, 5.00%, 07/01/44		11,200		13,228,656
County of Santa Clara California Financing Authority, RB, County Facilities, Series A, 4.00%, 05/01/45		22,230		26,128,720
Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44		15,140		17,396,920
San Diego Unified School District California, GO, Election of 2012, Series I, 5.00%, 07/01/47		10,000		11,663,300
San Francisco California Bay Area Rapid Transit District, GO, Election of 2016, Green Bond, Series A, 5.00%, 08/01/47		10,615		12,427,720
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 08/01/39		14,505		16,273,008
San Jose Unified School District, GO, Series C, 4.00%, 08/01/39		6,100		6,642,839
Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43		10,000		12,011,500
State of California, GO, Refunding, 4.00%, 10/01/39		16,620		18,637,336
				134,409,999
Education — 13.8%
California State University, Refunding RB, Series A, 5.00%, 11/01/43		11,792		13,508,511
University of California, RB:
Limited Project, Series M, 5.00%, 05/15/42		10,000		11,652,600
Series AM, 5.25%, 05/15/44		5,000		5,627,650
University of California, Refunding RB:
Series AI, 5.00%, 05/15/38		14,225		15,551,618

Security	Par (000)		Value
Education (continued)
Series I, 5.00%, 05/15/40	$	14,065	$	16,016,936
				62,357,315
Health — 9.5%
California Health Facilities Financing Authority, RB, Sutter Health, Series A:
5.00%, 11/15/41		11,620		12,730,407
5.00%, 08/15/52		9,695		10,326,533
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		18,960		19,975,498
				43,032,438
State — 2.5%
University of California, Refunding RB, Series AR, 5.00%, 05/15/41		10,165		11,628,252
Transportation — 9.3%
City & County of San Francisco California, COP, Green Bond, 49 South Van Ness Project, 4.00%, 04/01/43		10,865		11,943,236
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 05/01/41		8,720		9,511,427
City of Los Angeles California Department of Airports, ARB, Series D, AMT, 5.00%, 05/15/41		18,632		20,493,205
				41,947,868
Utilities — 1.6%
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46		6,412		7,267,414
				300,643,286
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 66.4% (Cost — $292,744,165)				300,643,286
Total Long-Term Investments — 168.1% (Cost — $744,860,516)				760,614,919

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

	Shares		Value
Short-Term Securities — 0.1%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.02%(f)(g)		402,999	$	402,999
Total Short-Term Securities — 0.1% (Cost — $402,999)			$	402,999
Total Investments — 168.2% (Cost — $745,263,515)				761,017,918
Liabilities in Excess of Other Assets — (0.7)%				(3,347,052	)

	Value
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.6)%	$	(133,912,351	)
VMTP Shares, at Liquidation Value (37.9)%		(171,300,000	)
Net Assets Applicable to Common Shares — 100.0%	$	452,458,515

^(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)  Zero-coupon bond.

^(c)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the fund. These bonds serve as collateral in a secured borrowing.

^(d)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)  When-issued security.

^(f)  Annualized 7-day yield as of period end.

^(g)  Investments in issuers considered to be an affiliate/affiliates of the fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds California Money Fund, Institutional Class		—		402,999	(b)		—		402,999	$	402,999	$	37,911	$	1,220	$	—

^(a) Includes net capital gain distributions, if applicable.

^(b) Represents net shares purchased (sold).

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.

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

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock California Municipal Income Trust (BFZ)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 investments)

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 is based on the pricing transparency of the investments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	760,614,919	$	—	$	760,614,919
Short-Term Securities		402,999		—		—		402,999
	$	402,999	$	760,614,919	$	—	$	761,017,918

^(a) See above Schedule of Investments for values in each sector.

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	$	—	$	(133,275,836	)	$	—	$	(133,275,836	)
VMTP Shares at Liquidation Value		—		(171,300,000	)		—		(171,300,000	)
	$	—	$	(304,575,836	)	$	—	$	(304,575,836	)

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