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October 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock California Municipal Income Trust (BFZ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2025
BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
California — 115.3%
Corporate(a) — 18.1%
California Community Choice Financing Authority, RB
 
Sustainability Bonds, 5.00%, 07/01/53
$
12,000
$ 12,691,171
Sustainability Bonds, 5.00%, 12/01/53
 
6,020
6,416,044
Sustainability Bonds, 5.50%, 10/01/54
 
9,935
10,928,231
Class B, Sustainability Bonds, 5.00%, 03/01/56
 
3,000
3,292,945
Series A, Sustainability Bonds, 5.00%, 01/01/56
 
2,000
2,144,321
Series A-1, Sustainability Bonds, 4.00%, 05/01/53
 
15,000
15,336,166
Series E-1, Sustainability Bonds, 5.00%, 02/01/54
 
3,000
3,238,808
Central Valley Energy Authority, RB, 5.00%, 12/01/55
 
10,845
11,995,841
 
 
66,043,527
County/City/Special District/School District — 33.7%
California Municipal Finance Authority, ST, Series A,
5.13%, 09/01/59
 
305
310,935
California Pollution Control Financing Authority,
Refunding RB, 5.00%, 11/21/45(b)
 
2,500
2,532,155
California Statewide Communities Development
Authority, SAB, Series B, 5.00%, 09/02/52
 
565
570,800
Chabot-Las Positas Community College District, GO,
Series C, Election 2016, 5.25%, 08/01/48
 
6,925
7,429,835
Chino Valley Unified School District, GO, Series B,
4.00%, 08/01/45
 
5,000
4,923,014
City & County of San Francisco California, Refunding
COP, Class A, Sustainability Bonds, 4.00%,
04/01/40
 
6,635
6,653,534
Cupertino Union School District, GO, Series C, Election
2012, 4.00%, 08/01/40
 
4,000
4,002,923
Dublin Unified School District, GO, Series B, Election
2020, 4.00%, 08/01/45
 
6,625
6,540,643
Folsom Cordova Unified School District School
Facilities Improvement Dist No. 5, GO, Series B,
Election 2014, 4.25%, 10/01/41
 
6,000
6,010,515
Fremont Union High School District, GO, Election 2022,
4.00%, 08/01/48
 
3,685
3,662,076
Grossmont Union High School District, GO, Series I-2,
4.00%, 08/01/44
 
5,115
5,028,634
Mount San Jacinto Community College District, GO,
Series B, Election 2014, 4.00%, 08/01/43
 
2,000
1,996,395
Mt San Antonio Community College District, GO
 
Series D, Election 2018, 4.00%, 08/01/49
 
3,500
3,352,477
Series A, Election 2024, 5.00%, 08/01/50
 
3,600
3,849,549
Mt San Antonio Community College District, Refunding
GO, Series 2018-A, Election 2018, 4.00%, 08/01/49
 
2,500
2,394,626
Napa Valley Unified School District, GO, Series A,
Election 2016, 4.00%, 08/01/38
 
2,925
2,935,646
Pajaro Valley Unified School District, GO, Series A,
Election 2024, 08/01/49(c)
 
1,000
1,065,479
Sacramento Area Flood Control Agency, Refunding
SAB, 5.00%, 10/01/47
 
4,000
3,985,388
Sacramento City Unified School District, GO, Series C,
Election 2020, (AGM), 08/01/50(c)
 
2,000
2,111,324
Salinas Union High School District, GO, Series A,
Election 2024, 5.00%, 08/01/50
 
1,500
1,606,466
San Diego Unified School District, GO
 
Series L, 4.00%, 07/01/44
 
4,035
4,008,639
Series O-2, Election 2008, Sustainability Bonds,
5.00%, 07/01/49
 
2,375
2,537,557
Series C-3, Election 2022, 5.00%, 07/01/50
 
2,790
2,984,369
Security
 
Par
(000)
Value
County/City/Special District/School District (continued)
San Diego Unified School District, GO (continued)
 
Series A-3, Sustainability Bonds, 5.00%, 07/01/48
$
3,000
$ 3,194,265
San Francisco Bay Area Rapid Transit District, GO,
Series A, Election 2016, Sustainability Bonds, 5.00%,
08/01/47
 
2,290
2,332,787
San Jose Evergreen Community College District, GO,
Series C, Election 2016, 4.00%, 09/01/45
 
3,740
3,740,719
San Mateo Joint Powers Financing Authority, RB,
Series A, 5.00%, 07/15/43
 
1,965
2,036,414
Santa Clara County Financing Authority, RB, Series A,
4.00%, 05/01/45
 
3,575
3,492,440
Santa Clara Unified School District, GO, Election 2014,
4.00%, 07/01/41
 
5,000
5,009,961
Tamalpais Union High School District, GO
 
Series A, Election 2024, 4.00%, 08/01/47
 
4,670
4,641,332
Series A, Election 2024, 4.13%, 08/01/49
 
2,500
2,507,483
Series A, Election 2024, 4.13%, 08/01/50
 
6,605
6,608,517
West Valley-Mission Community College District, GO
 
Series A, 4.00%, 08/01/44
 
4,000
4,021,218
Series B, Election 2012, 4.00%, 08/01/40
 
4,775
4,775,737
 
 
122,853,852
Education — 7.0%
California Enterprise Development Authority, RB,
8.00%, 11/15/62(b)
 
540
535,811
California Municipal Finance Authority, Refunding
RB(b)(d)(e)
 
5.00%, 08/01/39
 
325
275,275
5.00%, 08/01/48
 
510
384,002
California School Finance Authority, RB, Series A,
5.00%, 06/01/58(b)
 
2,120
1,888,225
California School Finance Authority, Refunding RB(b)
 
Sustainability Bonds, 5.50%, 08/01/43
 
130
132,213
Sustainability Bonds, 5.50%, 08/01/47
 
125
125,677
California State University, RB, Series A, 5.25%,
11/01/48
 
2,805
3,035,086
California State University, Refunding RB, Series A,
5.25%, 11/01/50
 
9,590
10,439,310
University of California, RB, Series AV, 5.00%,
05/15/47
 
8,440
8,589,568
 
 
25,405,167
Health — 9.6%
California Health Facilities Financing Authority, RB
 
Series A, 5.00%, 11/15/48
 
6,190
6,261,837
Series A, 5.00%, 11/01/49
 
2,095
2,216,565
California Health Facilities Financing Authority,
Refunding RB
 
Series A, 5.00%, 11/15/48
 
9,550
9,657,128
Series A, 5.00%, 08/15/51
 
5,000
5,281,290
Series A-2, Class B, (BAM-TCRS), 4.00%, 11/01/44
 
9,750
9,303,538
California Public Finance Authority, RB, Series A,
6.38%, 06/01/59(b)
 
2,225
2,091,544
 
 
34,811,902
Housing — 0.4%
California Housing Finance Agency, RB, M/F Housing,
Series A, 4.25%, 01/15/35
 
1
681
CSCDA Community Improvement Authority, RB, M/F
Housing, Mezzanine Lien, 4.00%, 05/01/57(b)
 
1,840
1,295,839
 
 
1,296,520
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
State — 0.9%
California State Public Works Board, RB, Series C,
11/01/50(c)
$
3,000
$ 3,202,990
Tobacco — 7.6%
California County Tobacco Securitization Agency,
Refunding RB, CAB(f)
 
0.00%, 06/01/55
 
2,425
478,907
Series B-2, Subordinate, 0.00%, 06/01/55
 
1,755
332,909
Golden State Tobacco Securitization Corp., Refunding
RB, Series B, 5.00%, 06/01/51
 
18,770
18,629,155
Golden State Tobacco Securitization Corp., Refunding
RB, CAB, Series B-2, Subordinate, 0.00%,
06/01/66(f)
 
12,875
1,363,612
Tobacco Securitization Authority of Southern California,
Refunding RB, 5.00%, 06/01/48
 
7,030
7,042,037
 
 
27,846,620
Transportation — 25.5%
California Infrastructure & Economic Development
Bank, Refunding RB, Series A, Class B, AMT,
Sustainability Bonds, 9.50%, 01/01/65(a)(b)
 
14,335
11,468,000
City of Long Beach California Harbor Revenue, ARB,
Series A, AMT, 5.00%, 05/15/40
 
5,000
5,097,995
City of Long Beach California Harbor Revenue,
Refunding ARB, Series C, 5.00%, 05/15/47
 
1,480
1,505,520
City of Los Angeles Department of Airports, ARB
 
Series B, AMT, 5.00%, 05/15/36
 
1,090
1,097,789
Series B, AMT, 5.00%, 05/15/41
 
6,000
6,024,215
Series B, AMT, 5.00%, 05/15/46
 
7,860
7,876,513
Series C, AMT, Subordinate, 5.00%, 05/15/44
 
4,130
4,171,635
AMT, Sustainability Bonds, 5.00%, 05/15/47
 
1,365
1,402,986
AMT, Sustainability Bonds, 5.25%, 05/15/47
 
3,900
4,080,578
City of Los Angeles Department of Airports, Refunding
ARB
 
AMT, 5.50%, 05/15/40
 
3,490
3,819,396
AMT, 5.50%, 05/15/47
 
4,250
4,502,602
AMT, 5.00%, 05/15/48
 
1,500
1,519,623
Series S, AMT, 5.00%, 05/15/40
 
4,450
4,705,564
City of Los Angeles Department of Airports, Refunding
RB, Class D, Subordinate, 5.00%, 05/15/48
 
5,000
5,350,400
County of Sacramento California Airport System
Revenue, Refunding RB, Series C, AMT, 5.00%,
07/01/39
 
1,000
1,027,920
Norman Y Mineta San Jose International Airport SJC,
Refunding RB, Series A, AMT, 5.00%, 03/01/37
 
1,280
1,298,413
San Diego County Regional Airport Authority, ARB
 
AMT, 5.25%, 07/01/50
 
4,300
4,566,450
Series B, AMT, 5.00%, 07/01/47
 
3,000
3,006,507
Series B, AMT, 5.00%, 07/01/48
 
6,890
7,135,990
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB
 
Series A, AMT, 5.25%, 05/01/43
 
2,950
3,152,226
Series A, AMT, 5.00%, 05/01/49
 
4,000
4,047,334
Series D, AMT, 5.00%, 05/01/43
 
6,130
6,211,802
 
 
93,069,458
Utilities — 12.5%
Coachella Valley Water District Stormwater System
Revenue, COP, Series A, 5.00%, 08/01/47
 
1,250
1,313,119
Contra Costa Water District, Refunding RB, Series V,
5.00%, 10/01/44
 
2,310
2,424,320
Security
 
Par
(000)
Value
Utilities (continued)
East Bay Municipal Utility District Water System
Revenue, RB, Series A, Sustainability Bonds, 4.00%,
06/01/45
$
1,730
$ 1,731,137
Sacramento Municipal Utility District, Refunding RB
 
Series H, Sustainability Bonds, 4.00%, 08/15/45
 
23,000
22,645,430
Series M, Sustainability Bonds, 5.00%, 11/15/45
 
1,000
1,083,388
San Francisco City & County Public Utilities
Commission Wastewater Revenue, Refunding RB,
Series C, Sustainability Bonds, 5.00%, 10/01/49
 
1,975
2,111,939
San Jose Financing Authority, Refunding RB, Series B,
Sustainability Bonds, 5.00%, 11/01/47
 
1,710
1,826,074
San Mateo Foster City Public Financing Authority, RB,
4.00%, 08/01/44
 
10,485
10,429,868
Santa Ana Public Financing Authority, Refunding RB,
5.00%, 09/01/49
 
1,685
1,802,178
 
 
45,367,453
Total Municipal Bonds in California
419,897,489
New Hampshire — 1.4%
Housing — 1.4%
New Hampshire Business Finance Authority, RB, M/F
Housing, Series 2, Sustainability Bonds, 3.81%,
07/20/39(a)
 
5,296
5,217,212
Puerto Rico — 4.0%
State — 4.0%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
1,719
1,625,318
Series A-1, Restructured, 5.00%, 07/01/58
 
9,405
9,134,519
Series A-2, Restructured, 4.78%, 07/01/58
 
2,530
2,379,203
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(f)
 
4,520
1,573,107
Total Municipal Bonds in Puerto Rico
14,712,147
Total Municipal Bonds — 120.7%
(Cost: $434,667,027)
439,826,848
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
California — 44.2%
County/City/Special District/School District — 9.0%
Clovis Unified School District, GO, Election 2020,
Series B, 5.00%, 08/01/47
 
10,000
10,404,251
Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue, Refunding RB,
Sustainability Bonds, Series A, 5.00%, 07/01/44
 
11,200
11,645,827
Los Angeles Unified School District, GO, Sustainability
Bonds, Series QRR, 5.25%, 07/01/47
 
10,000
10,759,303
 
 
32,809,381
Education — 8.8%
California State University, Refunding RB
 
Series A, 5.00%, 11/01/48
 
10,070
10,334,607
Series A, 5.25%, 11/01/50(h)
 
20,000
21,771,240
 
 
32,105,847
Health — 7.4%
Regents of the University of California Medical Center
Pooled Revenue, RB, Series P, 5.00%, 05/15/47
 
25,625
26,860,242
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
State — 2.6%
State of California, Refunding GO, 5.00%, 03/01/49
$
8,750
$ 9,410,180
Transportation — 13.1%
City of Los Angeles Department of Airports, Refunding
ARB, AMT, Sustainability Bonds, Series A, 5.25%,
05/15/50
 
19,365
20,445,203
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB, AMT,
Series A, 5.00%, 05/01/47(h)
 
16,735
16,802,190
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding RB, AMT,
Series C, 5.75%, 05/01/48(h)
 
9,600
10,328,346
 
 
47,575,739
Utilities — 3.3%
San Francisco City & County Public Utilities
Commission Wastewater Revenue, Refunding RB,
Sustainability Bonds, Series A, 4.00%, 10/01/49
 
12,790
12,230,546
Total Municipal Bonds in California
160,991,935
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 44.2%
(Cost: $159,602,957)
160,991,935
Total Long-Term Investments — 164.9%
(Cost: $594,269,984)
600,818,783
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(i)(j)
 
10,237,659
10,238,682
Total Short-Term Securities — 2.8%
(Cost: $10,238,682)
10,238,682
Total Investments — 167.7%
(Cost: $604,508,666)
611,057,465
Other Assets Less Liabilities — 1.5%
5,157,131
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (22.2)%
(80,790,288
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(47.0)%
(171,092,733
)
Net Assets Applicable to Common Shares — 100.0%
$  364,331,575
 
(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)
When-issued security.
(d)
Issuer filed for bankruptcy and/or is in default.
(e)
Non-income producing security.
(f)
Zero-coupon bond.
(g)
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.
(h)
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
agreements, which expire between November 1, 2026 to May 1, 2033, is $24,423,240.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes. 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 7,622,997
$ 2,615,685
(a)
$ —
$ —
$ —
$ 10,238,682
10,237,659
$ 26,179
$ —
 
(a)
Represents net amount purchased (sold).
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock California Municipal Income Trust (BFZ)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 439,826,848
$ —
$ 439,826,848
Municipal Bonds Transferred to Tender Option Bond Trusts
—
160,991,935
—
160,991,935
Short-Term Securities 
Money Market Funds
10,238,682
—
—
10,238,682
 
$10,238,682
$600,818,783
$—
$611,057,465
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: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(80,299,992
)
$—
$(80,299,992
)
VRDP Shares at Liquidation Value
—
(171,300,000
)
—
(171,300,000
)
 
$—
$(251,599,992
)
$—
$(251,599,992
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
GO
 General Obligation Bonds
M/F
 Multi-Family
MT
 Mandatory Tender
RB
 Revenue Bonds
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
Portfolio Abbreviation (continued)
ST
 Special Tax
Schedule of Investments
5