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Blackrock California Municipal Income Trust

BlackRock California Municipal Income Trust (BFZ) is a closed-end management investment company that aims to provide current income exempt from federal income tax and, in some cases, California state personal income tax. The company focuses on investing in a portfolio of municipal securities issued by California state and local governments.

As a closed-end fund, BFZ's shares are listed on the New York Stock Exchange and trade like stocks, with a share price that can fluctuate throughout the trading day. The number of shares in circulation is fixed, and shares are not redeemable from the fund.

NAV (Net Asset Value) of BFZ is calculated by dividing the total value of the securities in the portfolio by the number of outstanding shares. The market price of BFZ shares may be higher or lower than its NAV, depending on market conditions and investor demand.

BFZ's earnings are primarily derived from the interest income generated by the municipal securities in its portfolio. As a result, the company's earnings may be affected by changes in interest rates, market volatility, and economic conditions.

In terms of growth, BFZ has historically paid stable and growing distributions to its shareholders, reflecting the long-term stability and growth potential of its investment portfolio. However, past performance is not indicative of future results, and investors should carefully consider the risks and uncertainties associated with investing in closed-end funds.

It is important to note that investing in municipal bonds, like those held by BFZ, involves certain risks, including interest rate risk, credit risk, and market risk. Investors should carefully review the prospectus and other offering documents before investing in BFZ or any other closed-end fund.