BlackRock California Municipal Income Trust
BFZ
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- BlackRock California Municipal Income Trust (BFZ) is a closed-end fund that provides current income exempt from regular federal income taxes and California state income taxes. The Trust invests primarily in investment-grade municipal obligations issued by or on behalf of the State of California and its political subdivisions, including municipal bonds, notes, and other securities; it may also employ derivatives and invest up to 20% of assets in lower-rated municipal bonds determined by BlackRock Advisors, LLC to be of equivalent quality. Headquartered in Wilmington, Delaware, the Trust commenced operations on July 31, 2001 and trades on the New York Stock Exchange under the ticker BFZ. The Trust's portfolio emphasizes tax-exempt fixed income securities from California municipalities, such as utilities, health facilities, community choice financing authorities, and securitization corporations; top holdings include TOB securities backed by entities like Sacramento Municipal Utility District and San Francisco Apartment Authority. It targets California residents seeking high current income with federal and state tax advantages, while maintaining at least 80% of assets in investment-grade quality municipals under normal market conditions. Managed by BlackRock Advisors, LLC, the fund features a gross expense ratio of 3.33%, including a 0.87% management fee and interest expenses. In November 2025, shareholders approved the reorganization of BFZ with and into BlackRock MuniHoldings California Quality Fund, Inc. (MUC), with the merger anticipated to complete in February 2026 as a non-taxable event based on net asset value. This strategic consolidation aims to deliver scale benefits to municipal closed-end fund shareholders by merging eight funds into four acquiring vehicles, enhancing operational efficiency. No other recent acquisitions, partnerships, funding rounds, or product launches specific to BFZ were reported in the last 1-2 years.