CALIFORNIA STWD CMNTYS DEV AUTH REVENUE

BlackRock California Municipal Opportunities Fund

Schedule of Investments (unaudited)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds

Education — 0.1%
Chapman University, 3.00%, 04/01/51	$	2,100	$	1,520,804
University of Southern California, 3.03%, 10/01/39		650		552,744


				2,073,548

Environmental, Maintenance & Security Service — 0.1%
Nature Conservancy, Series A, 3.96%, 03/01/52		3,311		2,952,523


Health Care Providers & Services — 0.1%
Cottage Health Obligated Group, 2020, 3.30%, 11/01/49		1,839		1,445,401
Providence St Joseph Health Obligated Group
Series 21-A, 2.70%, 10/01/51		2,344		1,552,536
Series A, 3.93%, 10/01/48		1,012		863,441


			3,861,378


Total Corporate Bonds — 0.3% (Cost: $11,606,124)				8,887,449


Municipal Bonds

California — 75.8%

Corporate — 1.3%

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52^(a)		35,500		36,064,415


County/City/Special District/School District — 16.1%
Butte-Glenn Community College District, GO
Series C, 4.00%, 08/01/47		6,815		6,815,661
Series A, Election 2016, 5.25%, 08/01/46		10,000		10,916,570
Cambrian School District, GO, 4.00%, 08/01/52		10,000		9,447,320
Carlsbad Unified School District, COP, 4.00%, 10/01/46		2,580		2,519,396
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45		10,100		9,981,598
City & County of San Francisco California Community Facilities District No. 2014-1, ST
Series B, 3.78%, 09/01/30		1,110		1,042,213
Series B, 3.92%, 09/01/31		3,410		3,206,044
Series B, 3.97%, 09/01/32		1,880		1,763,209
Series B, 4.02%, 09/01/33		2,070		1,938,843
City & County of San Francisco California, COP, Series A, 4.00%, 04/01/42		1,795		1,760,615
City & County of San Francisco California, GO
Series 2020, 4.00%, 06/15/45		2,000		2,023,802
Series A, 4.00%, 06/15/36		5,155		5,205,091
Series B-1, 4.00%, 06/15/39		2,010		2,068,927
Series B-1, 4.00%, 06/15/41		2,265		2,311,641
Series D-1, 4.00%, 06/15/41		1,605		1,638,050
Series D-1, 4.00%, 06/15/43		870		882,376
City & County of San Francisco California, Refunding COP
Series A, 4.00%, 04/01/41		3,000		2,956,296
Series A, 4.00%, 04/01/44		10,000		9,729,870
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30^(b)		26,425		21,098,539
Corona-Norco Unified School District, GO, Series C, Class C, 4.00%, 08/01/49		4,200		3,993,385
El Monte Union High School District, GO, Series B, Class B, 4.00%, 06/01/46		2,825		2,749,533


Security	Par (000)		Value

County/City/Special District/School District (continued)
Gilroy Unified School District, GO, 4.00%, 08/01/46	$	7,000	$	6,725,768
Hacienda La Puente Unified School District, GO, Series A, Class A, Election 2016, 5.25%, 08/01/42		5,000		5,453,920
Hartnell Community College District, GO, Series A, Class A, 4.00%, 08/01/47		5,165		5,175,728
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26		7,855		8,235,645
Los Angeles Community College District, GO
Series K, Election 2008, 4.00%, 08/01/37		4,045		4,145,365
Series K, Election 2008, 4.00%, 08/01/39		20,000		20,366,520
Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32		2,590		2,158,830
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Class A, 4.00%, 06/01/36		5,425		5,666,044
Los Angeles County Metropolitan Transportation Authority, Refunding RB
Series A, 5.00%, 07/01/37		19,235		21,182,505
Series A, 4.00%, 06/01/39		12,770		13,133,038
Marin Healthcare District, GO, Series A, Election 2013, 5.00%, 08/01/41		10,000		10,720,190
Menifee Union School District, GO, Series A, 5.25%, 08/01/42		7,275		7,915,018
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49		9,425		9,417,196
North Orange County Community College District, GO, Series B, GO, 4.00%, 08/01/44		3,575		3,585,096
Orange County Local Transportation Authority Sales Tax Revenue, RB, 5.00%, 02/15/39		2,000		2,219,552
Orange County Local Transportation Authority, RB, 5.00%, 02/15/40		5,000		5,531,875
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45		4,395		4,765,942
Salinas Union High School District, GO, Series A, 4.00%, 08/01/47		5,000		4,842,230
San Bernardino County Transportation Authority, Refunding RB
Series A, 4.00%, 03/01/38		3,240		3,340,343
Series A, 4.00%, 03/01/39		3,250		3,339,209
Series A, 4.00%, 03/01/40		1,255		1,285,007
San Diego Community College District, Refunding GO, 2.38%, 08/01/33		5,375		4,507,867
San Diego County Regional Transportation Commission, RB, Series B, Subordinate, 5.00%, 04/01/45		3,440		3,856,990
San Diego County Regional Transportation Commission, Refunding RB, Series A, 4.00%, 04/01/48		3,775		3,769,640
San Diego Unified School District, GO
Series I, 4.00%, 07/01/47		400		389,782
Series L-2, 4.00%, 07/01/39		2,000		2,028,512
Series M-2, 4.00%, 07/01/50		3,700		3,570,082
Series N-2, 4.00%, 07/01/46		15,000		14,832,480
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, RB, Series A, 4.00%, 07/01/39		1,730		1,759,692


1

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

County/City/Special District/School District (continued)
San Francisco Bay Area Rapid Transit District, GO, Series A, Election 2016, 5.00%, 08/01/47	$	21,675	$	23,367,709
San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA
Series D, 3.13%, 08/01/28		1,150		1,068,468
Series D, 3.25%, 08/01/29		1,000		921,295
Series D, 3.38%, 08/01/30		1,250		1,144,955
San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR), 5.75%, 08/01/37		5,000		5,392,110
San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 5.00%, 03/01/41		17,955		19,462,897
San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29		8,730		8,148,957
San Jose Unified School District, GO, CAB
Series C, Election 2002, (NPFGC), 0.00%, 06/01/31^(b)		25,000		19,216,925
Series E, GO, 4.00%, 08/01/42		5,000		5,035,810
San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45		30,000		32,788,770
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/35		4,000		4,085,840
Santa Clara Unified School District, GO, Elsction 2014, 4.00%, 07/01/41		5,000		5,010,735
Santa Clarita Community College District, GO, 4.00%, 08/01/42		1,400		1,397,249
Santa Cruz City Elementary School District, GO
Series C, 2.00%, 08/01/34		1,770		1,485,405
Series C, 2.00%, 08/01/36		695		550,625
Santa Cruz City High School District, GO
Series C, 2.00%, 08/01/35		450		367,580
Series C, 2.00%, 08/01/36		1,755		1,388,470
Series C, 2.00%, 08/01/37		2,870		2,206,290
Series C, 2.00%, 08/01/38		2,955		2,225,617
Series C, 2.13%, 08/01/39		3,070		2,309,988
South Orange County Public Financing Authority, RB
5.00%, 06/01/43		1,790		1,996,323
5.00%, 06/01/47		13,300		14,681,631
South San Francisco Public Facilities Financing Authority, RB, Class A, 5.25%, 06/01/46		750		830,786
Southwestern Community College District GO, Series A, 4.00%, 08/01/47		7,940		7,719,943


				450,773,423

Education — 5.8%
California Educational Facilities Authority, RB
Series A, 3.43%, 04/01/30		1,000		905,519
Series A, 3.56%, 04/01/31		2,000		1,803,910
California Infrastructure & Economic Development Bank, RB^(c)
Series A, 4.13%, 01/01/35		1,010		956,060
Series A, 5.00%, 01/01/55		2,300		2,147,434
Series A-2, 5.00%, 01/01/24		435		434,606
California Infrastructure & Economic Development Bank, RB, CAB^(b)
0.00%, 01/01/35		2,620		1,229,977
0.00%, 01/01/60		37,500		2,223,187
Class B, Class B, 0.00%, 01/01/61^(c)		17,885		1,138,541
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 1.84%, 10/01/31		1,100		893,527


Security	Par (000)		Value

Education (continued)
California Municipal Finance Authority, RB
5.00%, 06/15/41^(c)	$	925	$	891,209
6.00%, 07/01/44		500		507,169
5.00%, 06/15/51^(c)		1,385		1,270,592
Series A, 5.50%, 08/01/34^(c)		265		266,790
California Municipal Finance Authority, Refunding RB^(c)
5.00%, 08/01/39		1,785		1,786,521
5.00%, 08/01/48		2,140		2,030,539
California Public Finance Authority, RB, Series B, 5.00%, 07/01/26^(c)		265		260,238
California School Finance Authority, RB^(c)
5.00%, 06/01/40		1,420		1,414,310
5.00%, 06/01/50		2,240		2,153,903
5.00%, 06/01/59		3,565		3,349,845
Series A, 5.00%, 06/01/33		525		531,804
Series A, 5.00%, 06/01/43		525		515,794
Series A, 5.00%, 06/01/49		7,105		6,927,816
Series A, 6.00%, 07/01/51		1,500		1,540,218
Series A, 5.00%, 06/01/55		1,000		949,048
Series A, 5.00%, 06/01/58		3,355		3,165,382
Series A, 6.00%, 06/01/59		8,925		8,853,118
Series B, 6.00%, 06/01/31		735		665,296
California State University, RB, Series C, Class C, 4.00%, 11/01/45		6,825		6,701,331
California State University, Refunding RB
Series B, Class B, 1.85%, 11/01/31		6,750		5,451,752
Series B, Class B, 2.53%, 11/01/33		2,580		2,147,349
Series D, Class D, 1.69%, 11/01/29		5,000		4,193,115
California Statewide Communities Development Authority, Refunding RB^(c)
Series A, Class A, 5.00%, 06/01/36		2,900		2,943,796
Series A, Class A, 5.00%, 06/01/46		4,100		4,038,627
Hastings Campus Housing Finance Authority, RB, Series A, Class A, 5.00%, 07/01/61^(c)		7,640		7,394,191
University of California, RB, Series AV, 5.25%, 05/15/42		12,305		13,379,485
University of California, RB, BAB, 6.30%, 05/15/50		3,790		4,160,601
University of California, Refunding RB
Series BE, 4.00%, 05/15/47		41,245		40,178,858
Series Q, 4.00%, 05/15/39		10,555		10,810,030
Series Q, 4.00%, 05/15/41		12,000		12,167,448


				162,378,936

Health — 6.5%
California Health Facilities Financing Authority, Refunding RB
4.00%, 05/15/46		5,000		5,009,405
4.00%, 05/15/51		4,950		4,664,499
Series A, 4.00%, 04/01/36		4,870		4,868,300
Series A, 5.00%, 11/15/38		13,040		13,863,450
Series A, 4.00%, 11/15/40		1,620		1,590,192
Series A, 5.00%, 08/15/41		1,145		1,256,248
Series A, 4.00%, 08/15/48		60,000		58,206,360
Series A, 4.00%, 08/15/50		30,075		28,321,176
Series A-2, 4.00%, 11/01/44		26,630		25,278,261
California Municipal Finance Authority, Refunding RB^(c)
Series A, 5.00%, 11/01/39		980		996,326
Series A, 5.00%, 11/01/49		1,105		1,096,063
California Public Finance Authority, RB 2.88%, 05/15/27^(c)		1,005		962,519


S C H E D U L E O F I N V E S T M E N T S		2

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health (continued)
California Public Finance Authority, RB (continued)
Series A, 4.00%, 07/15/38	$	1,000	$	1,015,464
Series A, 4.00%, 07/15/39		1,500		1,513,919
Series A, 4.00%, 07/15/40		1,405		1,415,540
Series A, 4.00%, 07/15/41		3,705		3,713,451
Series A, 5.00%, 07/15/46		5,250		5,801,507
Series A, 4.00%, 07/15/51		5,000		4,819,335
California Public Finance Authority, Refunding RB, Series A, 4.00%, 08/01/47		5,050		4,849,414
City of Corona California, RB, 2.24%, 05/01/30		10,000		8,413,550
City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30		2,750		2,371,985


				180,026,964

Housing — 4.5%
California Community Housing Agency, RB, M/F Housing^(c)
4.00%, 08/01/46		3,200		2,631,885
Series A, 5.00%, 04/01/49		2,630		2,298,980
Series A-1, 4.00%, 08/01/50		1,605		1,194,300
Series A-1, 3.00%, 02/01/57		8,330		5,802,174
Series A-2, 4.00%, 02/01/50		1,535		1,223,354
Series A-2, 4.00%, 08/01/51		12,920		9,228,032
California Housing Finance Agency, RB, M/F Housing
Class A, 3.25%, 08/20/36		8,899		8,043,465
Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35		19,780		19,903,477
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39		21,506		17,848,905
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56^(c)		1,430		1,018,037
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(c)		7,005		4,953,397
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49^(c)		2,740		2,171,324
CMFA Special Finance Agency, RB, M/F Housing^(c)
Series A, 4.00%, 12/01/45		3,965		3,215,865
Series A-1, 3.00%, 12/01/56		675		482,751
Series A-2, 4.00%, 08/01/45		5,065		4,102,609
CSCDA Community Improvement Authority, RB, M/F Housing^(c)
2.65%, 12/01/46		4,750		3,654,526
3.13%, 07/01/56		5,620		3,852,999
4.00%, 07/01/56		4,775		3,750,094
4.00%, 12/01/56		1,095		868,011
4.00%, 03/01/57		500		393,127
3.25%, 04/01/57		5,075		3,757,545
3.25%, 05/01/57		4,730		3,427,732
4.00%, 06/01/57		535		413,308
4.00%, 07/01/58		2,150		1,547,546
Series A, 5.00%, 07/01/51		1,375		1,292,822
Series A, 3.00%, 09/01/56		2,045		1,518,629
Series A2, 3.25%, 07/01/56		3,395		2,429,160
Series B, 4.00%, 02/01/57		1,450		1,107,578
Series B, 4.00%, 07/01/58		2,450		1,770,718
Series B, 4.00%, 12/01/59		2,925		2,076,229
Senior Lien, 3.00%, 06/01/47		3,625		2,782,601


Security	Par (000)		Value

Housing (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(c)(continued)
Senior Lien, 3.13%, 06/01/57	$	3,850	$	2,662,972
Series B, Sub Lien, 4.00%, 12/01/59		4,580		3,287,469


				124,711,621

State — 6.3%
California State Public Works Board, RB 4.00%, 11/01/46		15,305		14,895,974
Series B, 4.00%, 05/01/40		9,775		9,811,656
Series B, 4.00%, 05/01/46		21,565		21,136,697
Series C, 5.00%, 11/01/38		5,000		5,482,855
Series C, 5.00%, 11/01/44		24,985		27,170,763
Series D, 4.00%, 11/01/41		3,110		3,112,245
Series D, Class D, 4.00%, 05/01/42		5,000		4,995,720
Series D, Class D, 4.00%, 05/01/44		2,280		2,278,543
Series D, Class D, 4.00%, 05/01/45		6,570		6,566,426
Series D, Class D, 4.00%, 05/01/46		7,840		7,836,582
California State University, Refunding RB, Series B, Class B, 1.67%, 11/01/29		9,000		7,536,834
California Statewide Communities Development Authority, SAB
Series A, Class A, 5.00%, 09/02/39		1,375		1,470,641
Series A, Class A, 5.00%, 09/02/44		675		711,221
Series A, Class A, 5.00%, 09/02/48		675		707,313
El Dorado Irrigation District, Refunding RB, Series C, Class C, 2.06%, 03/01/29		3,500		3,120,411
Sacramento Area Flood Control Agency, SAB, 4.00%, 10/01/43		8,245		8,189,148
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB^(b)(c)
Series D, 0.00%, 08/01/23		465		447,734
Series D, 0.00%, 08/01/31		3,000		1,956,564
State of California, GO
4.00%, 03/01/46		3,500		3,435,180
4.00%, 03/01/50		5,250		5,105,047
State of California, Refunding GO
4.00%, 11/01/36		5,000		5,144,610
4.00%, 10/01/37		2,680		2,725,228
4.00%, 10/01/39		1,210		1,202,882
4.00%, 04/01/49		32,845		32,194,669


				177,234,943

Tobacco — 1.7%
California County Tobacco Securitization Agency, Refunding RB
5.00%, 06/01/50		1,070		1,107,150
Series A, 5.00%, 06/01/47		2,595		2,535,302
Series A, 4.00%, 06/01/49		1,540		1,413,997
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55^(b)		7,620		1,358,570
California Statewide Financing Authority, RB, 0.00%, 06/01/55^(b)(c)		12,700		779,882
California Statewide Financing Authority, RB, CAB, Series D, 0.00%, 06/01/55^(b)(c)		20,750		1,288,824
Golden State Tobacco Securitization Corp., Refunding RB
Class B, (SAP), 2.75%, 06/01/34		5,175		4,417,463
Series A-1, Class A1, 3.49%, 06/01/36		5,000		4,117,600


3

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tobacco (continued)
Golden State Tobacco Securitization Corp., Refunding RB (continued)
Subordinate, 3.85%, 06/01/50	$	6,020	$	5,299,298
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Class B-2, Subordinate, 0.00%, 06/01/66^(b)		40,005		4,680,105
Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57^(b)		34,680		2,211,405
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38		4,220		3,674,088
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		14,360		14,624,107


				47,507,791

Transportation — 14.1%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32		1,000		1,050,707
City of Long Beach California Harbor Revenue, RB, Series A, 5.00%, 05/15/49		7,500		8,211,968
City of Los Angeles Department of Airports, ARB AMT, 4.00%, 05/15/47		3,300		3,110,682
Series A, AMT, 4.00%, 05/15/40		15,545		15,233,012
Series A, AMT, 5.00%, 05/15/40		6,615		6,853,140
Series A, AMT, 4.00%, 05/15/41		10,000		9,758,950
Series A, AMT, 4.00%, 05/15/42		14,970		14,466,619
Series A, AMT, 5.00%, 05/15/42		23,725		24,625,198
Series B, AMT, 5.00%, 05/15/41		18,710		19,377,535
Series C, AMT, 5.00%, 05/15/45		20,000		21,332,900
Series D, AMT, 5.00%, 05/15/41		8,825		9,126,850
City of Los Angeles Department of Airports, Refunding ARB
Series A, 5.00%, 05/15/39		11,385		12,518,752
Series A, AMT, 5.00%, 05/15/46		14,800		15,605,845
CSCDA Community Improvement Authority, RB, M/F Housing, Senior Lien, 3.25%, 05/01/57^(c)		2,265		1,698,365
Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39		3,355		3,417,118
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/46		25,710		26,932,485
San Diego County Regional Airport Authority, RB
Series A, Subordinate, 4.00%, 07/01/46		9,440		8,708,551
Series A, Subordinate, 5.00%, 07/01/46		19,560		20,908,779
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
2nd Series, AMT, 5.00%, 05/01/48		10,145		10,473,485
Series A, AMT, 5.00%, 05/01/40		8,875		8,950,091
Series A, AMT, 5.00%, 05/01/42		31,420		32,387,862
Series A, AMT, 5.25%, 05/01/42		40,370		42,219,108
Series A, AMT, 5.00%, 05/01/44		10,125		10,275,437
Series B, AMT, 5.00%, 05/01/41		29,960		30,703,218
Series D, AMT, 5.00%, 05/01/43		6,440		6,666,405
Series E, AMT, 5.00%, 05/01/38		9,055		9,547,447
San Francisco Municipal Transportation Agency, RB, Series C, 4.00%, 03/01/46		19,285		18,805,594


				392,966,103

Utilities — 19.5%
California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29		1,000		836,596


Security	Par (000)		Value

Utilities (continued)
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47	$	20,000	$	21,706,720
City of Los Angeles California Wastewater System Revenue, Refunding RB
Series A, 5.00%, 06/01/43		10,000		10,807,580
Series A, Subordinate, 5.00%, 06/01/47		12,020		13,352,285
Series A, Subordinate, 4.00%, 06/01/52		10,000		9,560,150
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42		6,465		6,944,257
City of San Francisco CA Public Utilities Commission Water Revenue, RB, Series C, 4.00%, 11/01/50		11,865		11,422,186
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB 4.00%, 11/01/39		5,000		5,036,650
Series A, 4.00%, 11/01/50		7,725		7,622,922
Contra Costa Water District, Refunding RB, Series W, Class D, 4.00%, 10/01/46		14,440		14,614,767
East Bay Municipal Utility District Water System Revenue, RB, Series A, Class A, 4.00%, 06/01/45		4,885		4,921,525
Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.25%, 07/01/42		18,500		20,440,002
Eastern Municipal Water District Financing Authority, Refunding RB, Series A, Class A, 4.00%, 07/01/38		2,150		2,223,145
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, Refunding RB, 4.00%, 10/01/42		5,000		4,945,710
Los Angeles Department of Water & Power Water System Revenue, Refunding RB
Series A, 5.00%, 07/01/41		53,760		57,273,370
Series A, 5.25%, 07/01/44		10,650		11,526,112
Series A, 5.00%, 07/01/50		2,500		2,737,545
Series B, 5.00%, 07/01/47		15,730		17,502,834
Series B, 4.00%, 07/01/49		15,000		14,821,050
Series B, 5.00%, 07/01/49		1,845		2,030,638
Series C, 5.00%, 07/01/47		5,000		5,590,935
Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/39		3,620		3,962,260
Mesa Water District, COP, 5.00%, 03/15/50		4,875		5,298,954
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 07/01/25		16,105		17,286,141
Metropolitan Water District of Southern California, Refunding RB
5.00%, 01/01/38		7,000		7,766,423
Series A, 5.00%, 10/01/49		4,420		4,828,112
Series C, 5.00%, 07/01/39		21,650		24,604,770
Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40		2,150		2,534,336
Rancho Water District Financing Authority, Refunding RB
Series A, 4.00%, 08/01/39		4,475		4,541,149
Series A, Refunding RB, 4.00%, 08/01/38		4,500		4,589,973
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45		10,015		11,061,067
Sacramento Municipal Utility District, RB
Series G, 5.00%, 08/15/38		22,390		25,050,514
Series G, 5.00%, 08/15/41		20,000		22,009,040


S C H E D U L E O F I N V E S T M E N T S		4

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utilities (continued)
Sacramento Municipal Utility District, Refunding RB
Series H, 4.00%, 08/15/40	$	7,700	$	7,779,587
Series H, 4.00%, 08/15/45		1,000		981,537
San Diego Public Facilities Financing Authority, Refunding RB
Series A, 5.00%, 05/15/36		5,000		5,443,695
Series A, 4.00%, 08/01/36		500		520,369
Series A, 4.00%, 08/01/37		1,000		1,032,507
Series A, 5.00%, 05/15/38		13,595		14,745,980
Series A, 4.00%, 08/01/38		1,000		1,027,530
Series A, 4.00%, 08/01/39		1,250		1,274,213
Series A, 4.00%, 08/01/40		1,915		1,947,208
Series A, 4.00%, 08/01/45		14,630		14,250,615
Series B, 5.00%, 08/01/38		16,460		17,879,988
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB
Series A, 4.00%, 11/01/41		2,515		2,532,836
Series A, 4.00%, 11/01/43		2,390		2,384,744
Series B, 4.00%, 11/01/46		4,160		4,068,921
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26		27,880		26,529,549
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB
Series A, 5.00%, 10/01/46		4,000		4,420,036
Series B, 4.00%, 10/01/42		17,010		17,020,274
Series B, 5.00%, 10/01/43		2,965		3,305,717
Series B, 5.00%, 10/01/44		2,515		2,793,672
Series B, 5.00%, 10/01/48		4,290		4,725,714
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		3,000		2,961,141
State of California Department of Water Resources, Refunding RB
Series AW, 4.00%, 12/01/34		24,000		24,929,376
Series BC, 1.32%, 12/01/28		4,000		3,402,124

				545,407,051


Total Municipal Bonds in California				2,117,071,247

Illinois — 0.3%

County/City/Special District/School District — 0.3%
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39		6,925		7,135,908


Puerto Rico — 7.9%

State — 4.5%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/43^(a)		19,364		9,981,546
0.00%, 11/01/51^(a)		25,882		11,781,007
Series A1, Restructured, 5.63%, 07/01/29		5,196		5,628,181
Series A1, Restructured, 5.75%, 07/01/31		2,021		2,208,593
Series A1, Restructured, 4.00%, 07/01/33		1,917		1,802,684
Series A1, Restructured, 4.00%, 07/01/35		1,723		1,569,210
Series A1, Restructured, 4.00%, 07/01/37		1,479		1,323,165
Series A1, Restructured, 4.00%, 07/01/41		2,010		1,798,237
Series A1, Restructured, 4.00%, 07/01/46		2,091		1,750,320
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33^(b)		2,467		1,401,025


Security	Par (000)		Value

State (continued)
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51^(a)	$	1,161	$	379,778
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		380		354,373
Series A-1, Restructured, 4.75%, 07/01/53		38,748		36,249,916
Series A-1, Restructured, 5.00%, 07/01/58		16,743		16,221,656
Series A-2, Restructured, 4.54%, 07/01/53		114		103,235
Series A-2, Restructured, 4.78%, 07/01/58		15,623		14,570,635
Series A-2, Restructured, 4.33%, 07/01/40		10,624		10,089,517
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(b)
Series A-1, Restructured, 0.00%, 07/01/29		1,117		863,555
Series A-1, Restructured, 0.00%, 07/01/31		1,330		936,230
Series A-1, Restructured, 0.00%, 07/01/33		1,909		1,208,332
Series A-1, Restructured, 0.00%, 07/01/46		17,313		4,937,269
Series B-1, Restructured, 0.00%, 07/01/46		5,761		1,649,369

				126,807,833

Tobacco — 0.4%
Children’s Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57^(b)		150,000		9,976,650


Utilities — 3.0%
Puerto Rico Electric Power Authority, RB
7.50%, 07/01/20		1,638		1,384,929
3rd Series, 5.40%, 01/01/23^(d)(e)		593		501,764
Series A, 6.75%, 07/01/36^(d)(e)		7,630		6,351,975
Series A-3, 10.00%, 07/01/19^(d)(e)		2,137		2,093,782
Series B-3, 10.00%, 07/01/19^(d)(e)		2,137		2,093,782
Series C-1, 5.40%, 01/01/18^(d)(e)		5,870		4,963,041
Series C-2, 5.40%, 07/01/18^(d)(e)		5,871		4,963,844
Series C-4, 5.40%, 07/01/20^(d)(e)		593		501,764
Series CCC, 5.25%, 07/01/26^(d)(e)		1,680		1,336,344
Series CCC, 5.25%, 07/01/28^(d)(e)		955		759,648
Series WW, 5.50%, 07/01/17^(d)(e)		1,315		1,046,007
Series WW, 5.50%, 07/01/19^(d)(e)		935		743,739
Series WW, 5.38%, 07/01/24^(d)(e)		875		696,013
Series WW, 5.25%, 07/01/33^(d)(e)		885		703,967
Series WW, 5.50%, 07/01/49^(d)(e)		1,155		918,737
Series XX, 5.25%, 07/01/35^(d)(e)		400		318,177
Series XX, 5.75%, 07/01/36^(d)(e)		555		441,471
Series A, RB, 5.00%, 07/01/29^(d)(e)		4,130		3,285,180
Series A, RB, 7.00%, 07/01/33^(d)(e)		2,230		1,856,475
Series A, RB, 5.00%, 07/01/42^(d)(e)		8,830		7,023,762
Series A, RB, 7.00%, 07/01/43^(d)(e)		955		795,037
Series TT, RB, 5.00%, 07/01/25^(d)(e)		480		381,813
Series TT, RB, 5.00%, 07/01/26^(d)(e)		1,285		1,022,144
Series WW, RB, 5.50%, 07/01/38^(d)(e)		1,170		930,668
Series XX, RB, 5.25%, 07/01/27^(d)(e)		645		513,061
Series XX, RB, 5.25%, 07/01/40^(d)(e)		11,490		9,139,640
Puerto Rico Electric Power Authority, Refunding RB
Series AAA, 5.25%, 07/01/22^(d)(e)		2,150		1,710,202
Series AAA, 5.25%, 07/01/27		6,540		5,202,197
Series AAA, 5.25%, 07/01/28^(d)(e)		4,690		3,730,628
Series BBB, 5.40%, 07/01/28		2,805		2,231,218
Series UU, 0.00%, 07/01/18^(a)(d)(e)		355		266,250
Series UU, 1.00%, 07/01/31^(a)(d)(e)		3,765		2,823,750


5

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utilities (continued)
Puerto Rico Electric Power Authority, Refunding RB (continued)
Series UU, 1.00%, 07/01/49^(a)(d)(e)	$	3,570	$	2,677,500
Series ZZ, 5.00%, 07/01/17^(d)(e)		925		735,785
Series ZZ, 5.25%, 07/01/19		2,945		2,342,580
Series ZZ, 5.25%, 07/01/24^(d)(e)		1,990		1,582,931
Series ZZ, 5.00%, 07/01/28^(d)(e)		990		787,488
Series AAA, Refunding RB, 5.25%, 07/01/29^(d)(e)		530		421,585
Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40		4,060		3,229,498

				82,508,376


Total Municipal Bonds in Puerto Rico				219,292,859


Total Municipal Bonds — 84.0% (Cost: $2,488,705,119)				2,343,500,014


Municipal Bonds Transferred to Tender Option Bond Trusts^(f)

California — 18.3%

County/City/Special District/School District — 3.9%
Grossmont-Cuyamaca Community College District, GO, Series B, 5.00%, 08/01/44		29,715		31,978,151
Irvine Ranch Water District, COP, 5.00%, 03/01/46		19,330		20,237,814
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44		25,935		28,414,172
Metropolitan Water District of Southern California, Refunding RB, Series A, 5.00%, 10/01/51		26,620		29,671,823

				110,301,960

Education — 3.8%
California State University, Refunding RB, Series A, Class A, 5.00%, 11/01/43		35,250		38,268,140
University of California, RB, Series M, 5.00%, 05/15/42		20,000		21,422,210
University of California, Refunding RB, Series AZ, 5.00%, 05/15/43		41,740		45,190,604

				104,880,954

Health — 0.6%
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		15,370		16,915,584


State — 0.7%
State of California, Refunding GO, 5.25%, 10/01/39		18,150		19,671,179


Utilities — 9.3%
City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34		11,635		12,675,677
East Bay Municipal Utility District Water System Revenue, RB, Series A, Class A, 5.00%, 06/01/42		27,045		29,487,891
Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.00%, 07/01/47		36,105		38,856,253
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46		35,325		38,819,155


Security	Par (000)		Value

Utilities (continued)
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51	$	29,545	$	32,145,273
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50		23,620		25,921,072
San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43		33,820		36,985,163
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 5.00%, 10/01/43		41,405		44,504,234

				259,394,718


Total Municipal Bonds in California				511,164,395


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.3% (Cost: $527,991,393)				511,164,395


Total Long-Term Investments — 102.6% (Cost: $3,028,302,636)				2,863,551,858


Short-Term Securities

Commercial Paper — 0.8%
San Diego Public Facilities Financing Authority Water Revenue, 0.30%, 09/08/22		22,972		22,964,495


	Shares

Money Market Funds — 3.9%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 1.17%^(g)(h)		108,165,589		108,079,056


Total Short-Term Securities — 4.7% (Cost: $131,063,304)				131,043,551


Total Investments — 107.3% (Cost: $3,159,365,940)				2,994,595,409

Other Assets Less Liabilities — 1.2%			32,715,434
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.5)%				(235,888,496	)


Net Assets — 100.0%			$	2,791,422,347

^(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)	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)	Issuer filed for bankruptcy and/or is in default.

^(e)	Non-income producing security.

^(f)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(g)	Affiliate of the Fund.

^(h)	Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’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.


S C H E D U L E O F I N V E S T M E N T S		6

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 05/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Class	$	124,791,461	$	—	$	(16,682,412)	^(a)	$	(12,646	)	$	(17,347	)	$	108,079,056		108,165,589	$	202,730	$	—

^(a)

Represents net amount purchased (sold).

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		2,236		12/20/22	$	260,739	$	2,026,263
U.S. Long Bond		1,612		12/20/22		218,426		760,077
5-Year U.S. Treasury Note		1,208		12/30/22		133,692		638,753

							$	3,425,093

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 Fund 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’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
Corporate Bonds	$	—	$	8,887,449	$	—	$	8,887,449
Municipal Bonds		—		2,343,500,014		—		2,343,500,014
Municipal Bonds Transferred to Tender Option Bond Trusts		—		511,164,395		—		511,164,395


7

Schedule of Investments (unaudited) (continued)

August 31, 2022

BlackRock California Municipal Opportunities Fund

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Short-Term Securities
Commercial Paper	$	—	$	22,964,495	$	—	$	22,964,495
Money Market Funds		108,079,056		—		—		108,079,056

	$	108,079,056	$	2,886,516,353	$	—	$	2,994,595,409

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	3,425,093	$	—	$	—	$	3,425,093

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $235,314,945 are categorized as Level 2 within the fair value hierarchy.



Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAB		Build America Bond

BHAC-CR		Berkshire Hathaway Assurance Corp. - Custodian Receipt

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GO		General Obligation Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bond

SAB		Special Assessment Bonds

SAP		Subject to Appropriations

ST		Special Tax

TA		Tax Allocation


S C H E D U L E O F I N V E S T M E N T S		8