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

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

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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

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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).

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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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