Schedule of Investments (unaudited) April 30, 2023 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
California — 126.3% |
| |||||||
Corporate(a) — 7.5% | ||||||||
California Community Choice Financing Authority, RB | $ | 15,750 | $ | 16,758,724 | ||||
5.00%, 12/01/53 | 9,690 | 10,269,036 | ||||||
Series B-1, 4.00%, 02/01/52 | 2,500 | 2,517,635 | ||||||
|
| |||||||
29,545,395 | ||||||||
County/City/Special District/School District — 41.4% | ||||||||
Butte-Glenn Community College District, GO | ||||||||
Series C, 4.00%, 08/01/47 | 5,000 | 4,990,995 | ||||||
Series A, Election 2016, 5.25%, 08/01/46 | 1,420 | 1,513,836 | ||||||
California Statewide Communities Development Authority, SAB | ||||||||
Series A, 5.00%, 09/02/39 | 275 | 290,422 | ||||||
Series A, 5.00%, 09/02/44 | 160 | 166,697 | ||||||
Series B, 5.00%, 09/02/52 | 565 | 529,277 | ||||||
California Statewide Communities Development Authority, SAB, S/F Housing, 4.00%, 09/02/50 | 240 | 204,960 | ||||||
ChiNo. Valley Unified School District, GO, Series B, 4.00%, 08/01/45 | 9,210 | 9,197,852 | ||||||
City & County of San Francisco California, GO | ||||||||
Series 2020, Class D-1, 4.00%, 06/15/46 | 2,500 | 2,526,052 | ||||||
Series 2020 D-1, 4.00%, 06/15/44 | 7,895 | 8,000,525 | ||||||
Series D-1, 4.00%, 06/15/41 | 1,215 | 1,238,578 | ||||||
Series D-1, 4.00%, 06/15/42 | 2,470 | 2,534,306 | ||||||
City & County of San Francisco California, Refunding COP, Class A, 4.00%, 04/01/40 | 6,635 | 6,660,160 | ||||||
City of Santa Ana California Gas Tax Revenue, Refunding RB | 1,710 | 1,726,052 | ||||||
4.00%, 01/01/40 | 1,100 | 1,109,063 | ||||||
Corona-Norco Unified School District, GO | ||||||||
Series C, 4.00%, 08/01/49 | 6,315 | 6,155,957 | ||||||
Series B, Election 2014, 5.00%, 08/01/47 | 5,000 | 5,285,485 | ||||||
Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/47 | 2,500 | 2,425,807 | ||||||
Folsom Cordova Unified School District, GO, Series D, (AGM), 4.00%, 10/01/44 | 3,040 | 3,044,098 | ||||||
Fremont Unified School District Alameda County California, GO, Series E, Election 2014, 4.00%, 08/01/43 | 7,790 | 7,930,906 | ||||||
Garden Grove Unified School District, GO, Election 2016, 4.00%, 08/01/45 | 1,320 | 1,331,216 | ||||||
Glendale Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47 | 4,560 | 4,427,144 | ||||||
Grossmont Union High School District, GO, Series I-2, 4.00%, 08/01/44 | 5,115 | 5,090,832 | ||||||
Grossmont-Cuyamaca Community College District, GO, Series B, Election 2012, 4.00%, 08/01/47 | 2,035 | 2,053,360 | ||||||
Long Beach Community College District, GO, Series C, 4.00%, 08/01/49 | 4,175 | 4,174,896 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Series A, 4.00%, 06/01/37 | 3,075 | 3,253,381 | ||||||
Manhattan Beach Unified School District, GO, Series B, 4.00%, 09/01/45 | 4,445 | 4,491,130 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Marin Healthcare District, GO, Series A, Election 2013, 4.00%, 08/01/40 | $ | 2,030 | $ | 2,047,087 | ||||
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49 | 8,000 | 8,039,920 | ||||||
Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43 | 2,000 | 2,003,036 | ||||||
Municipal Improvement Corp. of Los Angeles, Refunding RB, Series B, 4.00%, 11/01/34 | 3,530 | 3,673,855 | ||||||
Napa Valley Unified School District, GO, Series A, Election 2016, 4.00%, 08/01/38 | 2,925 | 2,971,487 | ||||||
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44 | 2,680 | 2,700,582 | ||||||
Ohlone Community College District, Refunding GO, 4.00%, 08/01/35 | 3,790 | 3,913,092 | ||||||
Peralta Community College District, GO, Series B, 5.25%, 08/01/37 | 1,000 | 1,191,862 | ||||||
Pomona Unified School District, GO, Series H, (BAM), 4.00%, 08/01/40 | 2,100 | 2,140,771 | ||||||
San Bernardino City Unified School District, GO, Series D, Election 2012, (AGM), 4.00%, 08/01/42 | 1,210 | 1,216,665 | ||||||
San Diego Unified School District, GO | ||||||||
Series D2, 4.00%, 07/01/50 | 7,720 | 7,668,793 | ||||||
Series L, 4.00%, 07/01/44 | 4,035 | 4,090,001 | ||||||
San Jose Evergreen Community College District, GO, Series C, Election 2016, 4.00%, 09/01/45 | 3,740 | 3,811,105 | ||||||
San Lorenzo Unified School District, GO | 345 | 348,092 | ||||||
Series C, Election 2018, 4.00%, 08/01/47 | 3,150 | 3,019,054 | ||||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 05/01/48 | 3,250 | 3,211,097 | ||||||
Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41 | 5,000 | 5,035,815 | ||||||
Santa Monica Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47 | 5,000 | 4,996,880 | ||||||
Sunnyvale Financing Authority, RB, 4.00%, 04/01/45 | 1,000 | 1,000,809 | ||||||
Vacaville Unified School District, GO, Series D, 4.00%, 08/01/45 | 5,405 | 5,384,191 | ||||||
West Valley-Mission Community College District, GO, Series A, AMT, 4.00%, 08/01/44 | 4,000 | 4,071,780 | ||||||
|
| |||||||
162,888,961 | ||||||||
Education — 4.3% | ||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) | 540 | 535,485 | ||||||
California Municipal Finance Authority, RB(b) | ||||||||
Series A, 5.00%, 10/01/39 | 220 | 205,705 | ||||||
Series A, 5.00%, 10/01/49 | 370 | 327,844 | ||||||
Series A, 5.00%, 10/01/57 | 725 | 628,513 | ||||||
California Municipal Finance Authority, Refunding RB(b) | 425 | 410,956 | ||||||
5.00%, 08/01/48 | 510 | 460,437 | ||||||
California School Finance Authority, RB(b) | 270 | 206,679 | ||||||
5.00%, 06/01/50 | 430 | 299,331 | ||||||
Series A, 4.00%, 06/01/41 | 600 | 501,277 | ||||||
Series A, 5.00%, 06/01/49 | 1,000 | 945,844 | ||||||
Series A, 5.00%, 06/01/58 | 2,120 | 1,879,416 |
1 |
|
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
Hastings Campus Housing Finance Authority, RB(b) | ||||||||
Series A, 5.00%, 07/01/45 | $ | 355 | $ | 307,774 | ||||
Series A, 5.00%, 07/01/61 | 3,000 | 2,382,264 | ||||||
University of California, Refunding RB | ||||||||
Series BE, 4.00%, 05/15/47 | 4,500 | 4,523,652 | ||||||
Series BH, 4.00%, 05/15/46 | 3,215 | 3,249,291 | ||||||
|
| |||||||
16,864,468 | ||||||||
Health — 17.0% | ||||||||
California Health Facilities Financing Authority, RB | 1,000 | 1,048,103 | ||||||
Series A, 5.00%, 11/15/48 | 6,190 | 6,371,206 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 04/01/38 | 3,000 | 2,979,555 | ||||||
Series A, 4.00%, 03/01/39 | 2,675 | 2,557,632 | ||||||
Series A, 4.00%, 08/15/40 | 1,350 | 1,369,421 | ||||||
Series A, 4.00%, 11/15/40 | 2,425 | 2,462,318 | ||||||
Series A, 4.00%, 04/01/44 | 4,810 | 4,638,018 | ||||||
Series A, 4.00%, 04/01/45 | 7,110 | 6,826,276 | ||||||
Series A, 4.00%, 08/15/48 | 9,000 | 8,734,491 | ||||||
Series A, 5.00%, 11/15/48 | 7,000 | 7,205,107 | ||||||
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 11/01/39(b) | 195 | 197,142 | ||||||
California Public Finance Authority, RB | ||||||||
Series A, 4.00%, 07/15/42 | 1,785 | 1,814,113 | ||||||
Series A, 4.00%, 07/15/51 | 7,500 | 7,344,330 | ||||||
California Statewide Communities Development Authority, Refunding RB, 5.00%, 10/01/45 | 1,860 | 1,884,165 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB | ||||||||
Series P, 4.00%, 05/15/43 | 9,095 | 9,147,342 | ||||||
Series P, 5.00%, 05/15/47 | 2,000 | 2,187,098 | ||||||
|
| |||||||
66,766,317 | ||||||||
Housing — 3.4% | ||||||||
California Community Housing Agency, RB, M/F Housing(b) | 805 | 629,824 | ||||||
Series A, 5.00%, 04/01/49 | 2,770 | 2,423,722 | ||||||
Series A-2, 4.00%, 02/01/50 | 375 | 280,967 | ||||||
California Housing Finance Agency, RB, M/F Housing, Series A, AMT, 4.25%, 01/15/35 | 1 | 685 | ||||||
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(b) | 340 | 222,571 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) | 1,400 | 916,327 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 975 | 674,358 | ||||||
CMFA Special Finance Agency, RB, M/F Housing, Series A-1, 3.00%, 12/01/56(b) | 750 | 491,736 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | 825 | 621,489 | ||||||
4.00%, 07/01/56 | 1,260 | 881,390 | ||||||
4.00%, 08/01/56 | 2,055 | 1,536,501 | ||||||
4.00%, 10/01/56 | 345 | 279,736 | ||||||
4.00%, 12/01/56 | 265 | 190,185 | ||||||
4.00%, 05/01/57 | 1,840 | 1,267,716 | ||||||
Series A, 3.00%, 09/01/56 | 480 | 320,911 |
Security | Par (000) | Value | ||||||
Housing (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) | ||||||||
Series A, 4.00%, 06/01/58 | $ | 2,085 | $ | 1,626,957 | ||||
Series A-2, 3.00%, 02/01/57 | 525 | 343,423 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 | 1,095 | 760,089 | ||||||
|
| |||||||
13,468,587 | ||||||||
State — 4.9% | ||||||||
California State Public Works Board, RB | 2,000 | 1,970,760 | ||||||
Series B, 4.00%, 05/01/39 | 1,560 | 1,601,548 | ||||||
Series D, 4.00%, 05/01/45 | 3,740 | 3,675,470 | ||||||
Series D, 4.00%, 05/01/46 | 1,450 | 1,416,554 | ||||||
State of California, Refunding GO | 1,945 | 2,006,378 | ||||||
5.00%, 04/01/42 | 3,185 | 3,592,381 | ||||||
4.00%, 10/01/44 | 5,050 | 5,121,856 | ||||||
|
| |||||||
19,384,947 | ||||||||
Tobacco — 3.6% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | 265 | 262,657 | ||||||
Series A, 4.00%, 06/01/49 | 1,745 | 1,612,436 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB(c) | 2,425 | 439,817 | ||||||
Series B-2, Subordinate, 0.00%, 06/01/55 | 1,755 | 294,737 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series B, 5.00%, 06/01/51 | 7,000 | 7,352,639 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c) | 1,625 | 174,904 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 4,000 | 4,160,780 | ||||||
|
| |||||||
14,297,970 | ||||||||
Transportation — 27.2% | ||||||||
Bay Area Toll Authority, Refunding RB | 7,600 | 7,792,812 | ||||||
4.00%, 04/01/49 | 4,835 | 4,771,599 | ||||||
City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/44 | 2,500 | 2,713,582 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
AMT, 4.00%, 05/15/44 | 940 | 905,963 | ||||||
AMT, 5.25%, 05/15/47 | 3,000 | 3,226,545 | ||||||
Series A, AMT, 5.25%, 05/15/48 | 1,990 | 2,065,465 | ||||||
Series B, AMT, 5.00%, 05/15/41 | 6,000 | 6,139,128 | ||||||
Series B, AMT, 5.00%, 05/15/46 | 7,860 | 7,969,741 | ||||||
Series C, AMT, Subordinate, 5.00%, 05/15/44 | 2,875 | 2,946,191 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
AMT, 5.25%, 05/15/47 | 2,250 | 2,419,909 | ||||||
Series A, AMT, 5.00%, 05/15/40 | 4,450 | 4,725,815 | ||||||
Series A, AMT, Subordinate, 5.00%, 05/15/37 | 4,800 | 5,103,249 | ||||||
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39 | 1,000 | 1,056,679 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB | ||||||||
Series A, AMT, 5.00%, 03/01/37 | 1,280 | 1,334,618 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB (continued) | ||||||||
Series A, AMT, 5.00%, 03/01/47 | $ | 5,000 | $ | 5,108,685 | ||||
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 | 10,795 | 10,913,173 | ||||||
Port of Los Angeles, Refunding RB | ||||||||
Series B, 4.00%, 08/01/35 | 2,685 | 2,768,235 | ||||||
Series C, 4.00%, 08/01/39 | 5,495 | 5,564,111 | ||||||
San Diego County Regional Airport Authority, ARB | ||||||||
Series B, AMT, Subordinate, 5.00%, 07/01/51 | 1,500 | 1,565,979 | ||||||
Series A, Subordinate, 4.00%, 07/01/41 | 1,090 | 1,107,269 | ||||||
San Diego County Regional Airport Authority, Refunding ARB | ||||||||
Series B, AMT, Subordinate, 5.00%, 07/01/34 | 2,000 | 2,187,874 | ||||||
Series A, Subordinate, 4.00%, 07/01/38 | 2,050 | 2,088,624 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 05/01/47 | 16,735 | 17,215,847 | ||||||
Series B, AMT, 5.00%, 05/01/41 | 3,365 | 3,470,432 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/38 | 1,695 | 1,887,369 | ||||||
|
| |||||||
107,048,894 | ||||||||
Utilities — 17.0% | ||||||||
City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52 | 5,400 | 5,344,315 | ||||||
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series C, 4.00%, 11/01/45 | 1,085 | 1,086,060 | ||||||
Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44 | 2,310 | 2,539,508 | ||||||
Los Angeles Department of Water & Power Water System Revenue, RB, Series A, 5.00%, 07/01/43 | 8,380 | 8,970,446 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB | ||||||||
Series C, 5.00%, 07/01/41 | 985 | 1,119,737 | ||||||
Series C, 5.00%, 07/01/42 | 845 | 957,306 | ||||||
Los Angeles Department of Water & Power, Refunding RB | ||||||||
Series B, 5.00%, 07/01/46 | 215 | 235,608 | ||||||
Series C, 5.00%, 07/01/43 | 4,750 | 5,289,771 | ||||||
Mountain House Public Financing Authority, RB, Series A, (BAM), 4.00%, 12/01/45 | 2,720 | 2,664,450 | ||||||
Orange County Water District, Refunding RB, Series A, 4.00%, 08/15/41 | 1,100 | 1,123,245 | ||||||
Poway Public Financing Authority, RB, Series A, (BAM), 4.00%, 06/01/46 | 2,000 | 1,971,194 | ||||||
Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45 | 22,935 | 23,382,049 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/49 | $ | 4,000 | $ | 4,005,204 | ||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 | 8,000 | 7,995,016 | ||||||
|
| |||||||
66,683,909 | ||||||||
|
| |||||||
Total Municipal Bonds in California |
| 496,949,448 | ||||||
Puerto Rico — 4.5% |
| |||||||
State — 4.5% | ||||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 | 2,845 | 2,671,002 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c) | 8,577 | 2,332,198 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 5.00%, 07/01/58 | 8,279 | 7,961,608 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 2,530 | 2,343,324 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,588 | 2,403,967 | ||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 17,712,099 | |||||||
|
| |||||||
Total Municipal Bonds — 130.8% |
| 514,661,547 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(d) |
| |||||||
California — 19.1% |
| |||||||
County/City/Special District/School District — 8.7% | ||||||||
Clovis Unified School District, GO, Election 2020, Series B, 5.00%, 08/01/47 | 10,000 | 10,889,630 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/44 | 11,200 | 12,036,853 | ||||||
Los Angeles Unified School District, GO, Series QRR, 5.25%, 07/01/47 | 10,000 | 11,295,360 | ||||||
|
| |||||||
34,221,843 | ||||||||
Health — 4.3% | ||||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 | 15,620 | 17,081,235 | ||||||
|
|
3 |
|
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities — 6.1% | ||||||||
Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/42 | $ | 10,670 | $ | 11,220,711 | ||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/49 | 12,790 | 12,806,646 | ||||||
|
| |||||||
24,027,357 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 75,330,435 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 19.1% |
| 75,330,435 | ||||||
|
| |||||||
Total Long-Term Investments — 149.9% |
| 589,991,982 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.9% |
| |||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, 2.94%(e)(f) | 3,332,818 | 3,330,152 | ||||||
|
| |||||||
Total Short-Term Securities — 0.9% |
| 3,330,152 | ||||||
|
| |||||||
Total Investments — 150.8% |
| 593,322,134 | ||||||
Other Assets Less Liabilities — 1.7% |
| 6,943,447 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.0)% |
| (35,452,810 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.5)% |
| (171,300,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 393,512,771 | |||||
|
|
(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) | 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. |
(c) | Zero-coupon bond. |
(d) | 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. |
(e) | Affiliate of the Trust. |
(f) | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at 04/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class | $ | 2,559,236 | $ | 774,913 | (a) | $ | — | $ | (3,662 | ) | $ | (335 | ) | $ | 3,330,152 | 3,332,818 | $ | 88,533 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | 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 | 86 | 06/21/23 | $ | 9,929 | $ | (67,084 | ) | |||||||||
U.S. Long Bond | 152 | 06/21/23 | 20,045 | (257,450 | ) | |||||||||||
5-Year U.S. Treasury Note | 87 | 06/30/23 | 9,566 | (48,580 | ) | |||||||||||
|
| |||||||||||||||
$ | (373,114 | ) | ||||||||||||||
|
|
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 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 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.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 514,661,547 | $ | — | $ | 514,661,547 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 75,330,435 | — | 75,330,435 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 3,330,152 | — | — | 3,330,152 | ||||||||||||
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$ | 3,330,152 | $ | 589,991,982 | $ | — | $ | 593,322,134 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (373,114 | ) | $ | — | $ | — | $ | (373,114 | ) | ||||||
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(a) | 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 reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (35,140,000 | ) | $ | — | $ | (35,140,000 | ) | ||||||
VMTP Shares at Liquidation Value | — | (171,300,000 | ) | — | (171,300,000 | ) | ||||||||||
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$ | — | $ | (206,440,000 | ) | $ | — | $ | (206,440,000 | ) | |||||||
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5 |
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Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock California Municipal Income Trust (BFZ) |
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds |
SCHEDULE OF INVESTMENTS | 6 |