NPORT-EX 2 NPORT_LCP2_47721860_0223.htm BlackRock California Municipal Opportunities Fund

Schedule of Investments (unaudited)

February 28, 2023

   

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     $          1,453,807  
   

 

 

  

Total Corporate Bonds — 0.1%
(Cost: $2,100,000)

       1,453,807  
   

 

 

  

Municipal Bonds

    

California — 76.9%

    
Corporate(a) — 3.3%            

California Community Choice Financing Authority, RB

    

5.00%, 07/01/53

     40,000       41,948,720  

5.00%, 12/01/53

     15,890       16,539,154  

Series B-1, 4.00%, 02/01/52

     27,515       27,297,549  
   

 

 

  
      85,785,423  
County/City/Special District/School District — 16.0%  

Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45

     10,100       9,917,796  

City & County of San Francisco California Community Facilities District No. 2014-1, ST

    

Series B, 3.78%, 09/01/30

     1,110       993,073  

Series B, 3.92%, 09/01/31

     3,410       3,049,072  

Series B, 3.97%, 09/01/32

     1,880       1,671,374  

Series B, 4.02%, 09/01/33

     2,070       1,828,779  

City & County of San Francisco California, GO

    

Class C1, 4.00%, 06/15/45

     5,010       5,036,688  

Class E1, 4.00%, 06/15/41

     3,185       3,236,986  

Series 2020, 4.00%, 06/15/45

     2,000       2,010,654  

Series 2020, Class D-1, 4.00%, 06/15/46

     2,500       2,512,535  

Series B-1, 4.00%, 06/15/39

     2,010       2,060,628  

Series B-1, 4.00%, 06/15/41

     2,265       2,309,387  

Series D-1, 4.00%, 06/15/41

     1,605       1,636,452  

Series D-1, 4.00%, 06/15/43

     870       880,976  

Series A, AMT, 4.00%, 06/15/36

     5,155       5,192,688  

City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/44

     10,000       9,630,280  

Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(b)

    26,425       21,073,356  

Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/43

     2,150       2,144,027  

Gilroy Unified School District, GO, 4.00%, 08/01/46

     7,000       6,790,525  

Grossmont-Cuyamaca Community College District, GO, Series C, 4.00%, 08/01/46

     2,905       2,807,308  

Hartnell Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47

     5,165       5,030,705  

Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26

     6,085       6,238,415  

Los Angeles Community College District, GO

    

Series K, Election 2008, 4.00%, 08/01/38

     40       40,660  

Series K, Election 2008, 4.00%, 08/01/39

     10,000       10,152,020  

Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32

     2,590       2,090,865  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB

    

Series A, 5.00%, 07/01/37

     19,235       20,764,894  

Series A, 5.00%, 07/01/41

     1,100       1,173,901  

Series A, 5.00%, 07/01/44

     25,935       27,811,812  
Security  

Par

(000)

     Value  
County/City/Special District/School District (continued)  

Los Angeles County Public Works Financing Authority, Refunding RB, Class A, 4.00%, 12/01/43

   $            4,600     $          4,563,140  

Los Angeles Unified School District, GO, Series RYQ, 4.00%, 07/01/44

     14,745       14,437,685  

Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49

     11,625       11,152,479  

Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43

     7,585       7,246,413  

North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44

     3,575       3,581,496  

Orange County Local Transportation Authority Sales Tax Revenue, RB

    

5.00%, 02/15/39

     2,000       2,199,200  

5.00%, 02/15/40

     5,000       5,491,710  

Peralta Community College District, GO, Series B, 5.25%, 08/01/42

     3,000       3,365,004  

San Carlos School District, GO, Election 2012, 4.00%, 10/01/41

     1,500       1,504,713  

San Diego Community College District, Refunding GO, 2.38%, 08/01/33

     5,375       4,366,811  

San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.00%, 10/15/46

     1,000       1,075,583  

San Diego Unified School District, GO

    

Series L, 4.00%, 07/01/44

     3,750       3,664,339  

Series L-2, 4.00%, 07/01/39

     2,000       2,023,022  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/47

     10,000       9,759,290  

San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA

    

Series D, 3.13%, 08/01/28

     1,150       1,024,023  

Series D, 3.25%, 08/01/29

     1,000       879,197  

Series D, 3.38%, 08/01/30

     1,250       1,087,949  

San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR MBIA), 5.75%, 08/01/37

     5,000       5,079,070  

San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 5.00%, 03/01/41

     17,955       18,758,055  

San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29

     8,730       7,929,066  

San Jose Unified School District, GO

    

Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(b)

    25,000       19,588,425  

Series E, Election 2012, 4.00%, 08/01/42

     5,000       5,033,535  

Series F, Election 2012, 4.00%, 08/01/42

     4,000       4,062,288  

San Lorenzo Unified School District, GO, 4.00%, 08/01/40

     1,115       1,116,826  

San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47

     5,165       5,863,587  

San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45

     30,000       32,285,550  

San Mateo Foster City Public Financing Authority, RB, 4.00%, 05/01/45

     4,000       3,887,800  

Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41

     5,000       5,035,010  

Santa Clarita Community College District, GO

    

Election 2016, 4.00%, 08/01/42

     1,400       1,404,126  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
County/City/Special District/School District (continued)  

Santa Clarita Community College District, GO (continued)

    

Election 2016, 5.25%, 08/01/48

   $            4,000     $          4,455,736  

Santa Cruz City Elementary School District, GO

    

Series C, 2.00%, 08/01/34

     1,770       1,522,365  

Series C, 2.00%, 08/01/36

     695       555,575  

Santa Cruz City High School District, GO

    

Series C, 2.00%, 08/01/35

     450       373,957  

Series C, 2.00%, 08/01/36

     1,755       1,402,617  

Series C, 2.00%, 08/01/37

     2,870       2,212,041  

Series C, 2.00%, 08/01/38

     2,955       2,212,290  

Series C, 2.13%, 08/01/39

     3,070       2,291,865  

Santa Monica Community College District, GO, Series B, 4.00%, 08/01/45

     2,470       2,426,301  

Simi Valley Unified School District, GO, Series B, 4.00%, 08/01/48

     3,250       3,084,819  

South Orange County Public Financing Authority, RB
5.00%, 06/01/43

     1,790       1,948,191  

5.00%, 06/01/47

     13,300       14,333,131  

Southwestern Community College District, GO, Series A, AMT, 4.00%, 08/01/47

     7,940       7,989,919  

West Valley-Mission Community College District, GO

    

Series B, 5.00%, 08/01/47

     10,000       11,069,120  

Series A, AMT, 4.00%, 08/01/44

     8,000       8,024,520  
   

 

 

  
      409,453,695  
Education — 7.7%  

California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31

     2,000       1,752,416  

California Infrastructure & Economic Development Bank, RB(c)
5.00%, 01/01/24

     275       274,131  

4.13%, 01/01/35

     985       830,332  

5.00%, 01/01/55

     2,205       1,703,336  

Series A, AMT, 3.65%, 01/01/50(a)

    25,000       24,862,125  

California Infrastructure & Economic Development Bank, RB, CAB(b)
0.00%, 01/01/35

     2,615       1,175,212  

0.00%, 01/01/60

     37,500       2,342,212  

Class B, 0.00%, 01/01/61(c)

    17,830       959,468  

California Infrastructure & Economic Development Bank, Refunding RB

    

Series A, 1.60%, 10/01/29

     3,575       2,914,322  

Series A, 1.84%, 10/01/31

     1,100       862,287  

California Municipal Finance Authority, RB
5.00%, 06/15/41(c)

    925       859,505  

6.00%, 07/01/44

     500       501,175  

5.00%, 06/15/51(c)

    1,385       1,226,621  

Series A, 5.50%, 08/01/34(c)

    265       265,624  

California Municipal Finance Authority, Refunding RB(c)
5.00%, 08/01/39

     1,785       1,689,810  

5.00%, 08/01/48

     2,140       1,891,358  

California Public Finance Authority, RB,
Series B, 5.00%, 07/01/26(c)

    265       260,215  

California School Finance Authority, RB(c)
5.00%, 06/01/40

     1,420       1,377,952  

5.00%, 06/01/50

     2,240       2,071,621  

Series A, 5.00%, 06/01/33

     525       532,831  

Series A, 5.00%, 06/01/43

     525       509,708  

Series A, 5.00%, 06/01/49

     7,105       6,342,911  
Security  

Par

(000)

     Value  
Education (continued)  

California School Finance Authority, RB(c) (continued)

    

Series A, 6.00%, 07/01/51

   $            1,500     $          1,547,930  

Series A, 5.00%, 06/01/55

     1,000       929,601  

Series A, 5.00%, 06/01/58

     3,355       2,923,322  

Series B, 6.00%, 06/01/31

     735       649,538  

Series A, AMT, 6.00%, 06/01/59

     8,925       8,418,185  

California State University, Refunding RB

    

Series A, 5.00%, 11/01/43

     29,975       32,158,739  

Series B, 1.85%, 11/01/31

     6,750       5,373,931  

Series B, 2.53%, 11/01/33

     2,580       2,097,764  

Series D, 1.69%, 11/01/29

     5,000       4,142,465  

California Statewide Communities Development Authority, Refunding RB(c)

   

Series A, 5.00%, 06/01/36

     2,900       2,823,831  

Series A, 5.00%, 06/01/46

     4,100       3,754,149  

Hastings Campus Housing Finance Authority, RB, Series A, 5.00%, 07/01/61(c)

    7,640       5,988,079  

University of California, RB, Series AV, 5.25%, 05/15/42

     12,305       13,099,128  

University of California, RB, BAB, 6.30%, 05/15/50

     3,790       4,067,038  

University of California, Refunding RB

    

Series AZ, 5.00%, 05/15/43

     41,740       44,436,028  

Series Q, 4.00%, 05/15/41

     10,300       9,845,070  
   

 

 

  
      197,459,970  
Health — 5.9%  

California Health Facilities Financing Authority, Refunding RB

    

(BAM TCRS), 4.00%, 08/15/48

     4,500       4,310,955  

Series A, 4.00%, 08/15/40

     7,500       7,504,192  

Series A, 4.00%, 11/15/40

     3,085       3,089,797  

Series A, 4.00%, 08/15/48

     5,000       4,739,555  

Series A, 4.00%, 08/15/50

     30,020       28,619,657  

Series A-2, 4.00%, 11/01/44

     32,415       30,749,226  

Series B, 4.00%, 11/15/41

     1,350       1,281,303  

Sub-Series A-2, 4.00%, 11/01/38

     4,900       4,905,968  

California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 11/01/39(c)

    980       981,668  

California Public Finance Authority, RB

    

Series A, 4.00%, 07/15/41

     4,810       4,815,132  

Series A, 5.00%, 07/15/46

     5,375       5,781,140  

Series A, 4.00%, 07/15/51

     4,800       4,526,794  

California Public Finance Authority, Refunding RB

    

Series A, 4.00%, 08/01/47

     6,595       6,123,985  

Series A, 5.00%, 08/01/47

     4,000       4,159,048  

City of Corona California, RB, 2.24%, 05/01/30

     10,000       8,269,010  

City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30

     2,750       2,289,884  

Regents of the University of California Medical Center Pooled Revenue, RB

    

Series P, 5.00%, 05/15/41

     4,830       5,320,858  

Series P, 4.00%, 05/15/43

     10,000       9,654,550  

Series P, 5.00%, 05/15/47

     4,740       5,093,263  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/41

     8,215       8,527,458  
   

 

 

  
      150,743,443  
 

 

 

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)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Housing — 2.7%            

California Community Housing Agency, RB, M/F Housing(c)
4.00%, 08/01/46

   $            3,200     $            2,555,821  

Series A, 5.00%, 04/01/49

     2,630       2,252,314  

Series A-1, 3.00%, 02/01/57

     5,000       3,186,450  

Series A-2, 4.00%, 02/01/50

     1,600       1,219,475  

Series A-2, 4.00%, 08/01/51

     12,920       8,771,879  

California Housing Finance Agency, RB, M/F Housing, Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35

     10       10,130  

City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39

     21,506       17,259,640  

CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(c)

    1,430       958,728  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c)

    4,840       3,201,345  

CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(c)

    2,740       2,174,423  

CMFA Special Finance Agency, RB, M/F Housing(c)

   

Series A-1, 3.00%, 12/01/56

     960       643,665  

Series A-2, 4.00%, 08/01/45

     1,205       979,299  

CSCDA Community Improvement Authority, RB, M/F Housing(c)
2.80%, 03/01/47

     3,430       2,492,914  

3.13%, 07/01/56

     5,620       3,809,208  

3.13%, 08/01/56

     1,460       1,013,545  

4.00%, 12/01/56

     445       323,711  

3.25%, 04/01/57

     3,930       2,705,872  

3.25%, 05/01/57

     4,140       2,878,679  

4.00%, 07/01/58

     2,150       1,528,420  

Series A, 3.00%, 09/01/56

     2,045       1,329,593  

Series B, 4.00%, 07/01/58

     2,450       1,624,739  

Mezzanine Lien, 4.00%, 03/01/57

     500       358,309  

Series B, Mezzanine Lien, 4.00%, 12/01/59

     2,925       1,895,985  

Senior Lien, 3.25%, 05/01/57

     805       543,367  

Senior Lien, 3.13%, 06/01/57

     3,850       2,574,345  

Series B, Sub Lien, 4.00%, 12/01/59

     4,580       3,118,485  
   

 

 

  
      69,410,341  
State — 5.8%  

California State Public Works Board, RB
4.00%, 11/01/41

     6,825       6,803,679  

Series B, 4.00%, 05/01/39

     2,545       2,572,211  

Series B, 4.00%, 05/01/41

     3,860       3,874,158  

Series B, 4.00%, 05/01/46

     21,640       20,916,856  

Series C, 5.00%, 11/01/44

     24,985       26,954,468  

Series D, 4.00%, 05/01/42

     5,000       4,899,100  

Series D, 4.00%, 05/01/44

     2,280       2,225,588  

California State University, Refunding RB, Series B, 1.67%, 11/01/29

     9,000       7,448,292  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     1,375       1,406,716  

Series A, 5.00%, 09/02/44

     675       683,194  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(c)

   

Series D, 0.00%, 08/01/23

     465       458,127  

Series D, 0.00%, 08/01/31

     3,000       2,007,279  

State of California, Refunding GO 4.00%, 10/01/37

     2,680       2,746,121  
Security  

Par

(000)

     Value  
State (continued)  

State of California, Refunding GO (continued)

    

5.25%, 10/01/39

   $          18,150     $        19,206,275  

5.00%, 09/01/42

     14,185       15,838,021  

5.25%, 09/01/47

     10,000       11,249,700  

Various Purposes, 5.00%, 10/01/39

     5,000       5,254,695  

Various Purposes, 4.00%, 03/01/40

     13,000       13,093,158  
   

 

 

  
      147,637,638  
Tobacco — 1.6%  

California County Tobacco Securitization Agency, Refunding RB
5.00%, 06/01/50

     1,070       1,041,574  

Series A, 5.00%, 06/01/47

     2,595       2,391,038  

California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(b)

    7,620       1,243,180  

California Statewide Financing Authority, RB(b)(c)
0.00%, 06/01/55

     91,500       4,566,491  

Series D, 0.00%, 06/01/55

     20,750       1,303,100  

Golden State Tobacco Securitization Corp., Refunding RB
Class B, (SAP), 2.75%, 06/01/34

     5,175       4,143,985  

Subordinate, 3.85%, 06/01/50

     6,020       5,373,187  

Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(b)

    34,680       2,033,947  

Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38

     4,205       3,907,000  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     14,240       14,550,404  
   

 

 

  
      40,553,906  
Transportation — 13.2%  

Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32

     1,000       1,008,633  

City of Long Beach California Harbor Revenue, ARB

    

Series A, AMT, 5.00%, 05/15/44

     7,530       8,074,012  

Series A, AMT, 5.00%, 05/15/49

     2,690       2,852,366  

City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47

     6,400       6,690,483  

City of Los Angeles Department of Airports, ARB

    

AMT, 5.25%, 05/15/47

     7,000       7,488,677  

Series A, AMT, 4.00%, 05/15/40

     15,160       14,803,331  

Series A, AMT, 5.00%, 05/15/40

     6,615       6,765,564  

Series A, AMT, 5.00%, 05/15/42

     23,725       24,331,150  

Series A, AMT, 5.00%, 05/15/44

     8,010       8,267,457  

Series B, AMT, 5.00%, 05/15/41

     18,710       19,198,481  

Series C, AMT, 5.00%, 05/15/45

     20,000       20,961,120  

Series D, AMT, 5.00%, 05/15/41

     8,520       8,610,287  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, Subordinate, 5.00%, 11/15/31

     15       16,878  

AMT, Subordinate, 5.00%, 05/15/35

     5,425       5,854,470  

AMT, Subordinate, 5.00%, 05/15/46

     4,985       5,190,636  

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/47

     8,475       8,563,377  

Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44

     2,000       2,016,586  

Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39

     3,570       3,591,302  

San Diego County Regional Airport Authority, ARB
Series B, AMT, Subordinate, 5.00%, 07/01/46

     10,000       10,262,080  
 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Transportation (continued)            

San Diego County Regional Airport Authority, ARB (continued)

    

Series A, Subordinate, 4.00%, 07/01/46

   $            1,350     $          1,262,152  

Series A, Subordinate, 5.00%, 07/01/46

     10,000       10,564,880  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
2nd Series, AMT, 5.00%, 05/01/48

     10,145       10,348,093  

Series A, AMT, 5.25%, 05/01/42

     40,370       42,109,947  

Series A, AMT, 5.00%, 05/01/44

     16,600       16,720,167  

Series A, AMT, 5.00%, 05/01/47

     34,305       35,103,380  

Series B, AMT, 5.00%, 05/01/46

     29,915       30,469,415  

Series D, AMT, 5.00%, 05/01/43

     6,440       6,663,745  

Series D, AMT, 5.25%, 05/01/48

     3,500       3,638,621  

Series E, AMT, 5.00%, 05/01/38

     9,055       9,528,296  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/49

     6,000       5,782,314  
   

 

 

  
      336,737,900  
Utilities — 20.7%            

California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29

     1,000       812,961  

City of Los Angeles California Wastewater System Revenue, Refunding RB

    

Series A, 5.00%, 06/01/43

     10,000       10,675,750  

Series A, Subordinate, 5.00%, 06/01/47

     12,655       13,893,684  

Series A, Subordinate, 4.00%, 06/01/52

     10,000       9,558,460  

City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42

     6,465       6,840,241  

East Bay Municipal Utility District Water System Revenue, RB

    

Series A, 5.00%, 06/01/42

     27,045       28,651,581  

Series A, 4.00%, 06/01/45

     4,885       4,863,169  

Series A, 5.00%, 06/01/49

     2,500       2,668,975  

Eastern Municipal Water District Financing Authority, RB

    

Series D, 5.25%, 07/01/42

     18,500       19,877,695  

Series D, 5.00%, 07/01/47

     36,105       38,059,291  

Irvine Ranch Water District, COP, 5.00%, 03/01/46

     19,330       20,131,093  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     11,020       11,639,335  

Series A, 5.25%, 07/01/44

     10,650       11,261,960  

Series A, 5.00%, 07/01/46

     20,000       20,652,300  

Series B, 4.00%, 07/01/49

     18,960       18,237,946  

Series C, 5.00%, 07/01/43

     7,480       8,296,554  

Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51

     29,545       31,758,157  

Metropolitan Water District of Southern California, Refunding RB
5.00%, 01/01/38

     7,000       7,619,255  

Series C, 5.00%, 07/01/39

     21,705       24,165,305  

Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40

     2,150       2,512,142  

Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45

     10,015       10,794,958  

Sacramento Municipal Utility District, RB

    

Series G, 5.00%, 08/15/38

     17,000       18,647,521  

Series G, 5.00%, 08/15/41

     20,020       21,703,362  
Security  

Par

(000)

     Value  
Utilities (continued)            

Sacramento Municipal Utility District, Refunding RB

    

Series H, 4.00%, 08/15/40

   $            7,700     $          7,806,545  

Series H, 4.00%, 08/15/45

     6,200       6,015,711  

San Diego Public Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 05/15/36

     5,000       5,356,110  

Series A, 5.00%, 05/15/38

     13,595       14,437,659  

Series B, 5.00%, 08/01/38

     7,725       8,163,054  

Series B, 5.00%, 08/01/39

     8,735       9,199,597  

Series A, AMT, 4.00%, 08/01/40

     2,170       2,206,183  

Series A, AMT, 4.00%, 08/01/45

     16,940       16,770,854  

San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB

    

Series A, 4.00%, 11/01/41

     2,515       2,519,052  

Series A, 4.00%, 11/01/43

     2,390       2,362,551  

San Francisco City & County Public Utilities Commission Wastewater Revenue, RB

    

Series B, 1.00%, 10/01/26

     27,880       26,362,073  

Series B, 5.00%, 10/01/43

     41,405       44,055,955  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB

    

Series A, 5.00%, 10/01/46

     4,000       4,372,404  

Series B, 4.00%, 10/01/42

     17,010       17,011,395  

Series B, 5.00%, 10/01/43

     2,965       3,266,603  

Series B, 5.00%, 10/01/44

     2,515       2,759,659  

Series B, 5.00%, 10/01/48

     4,290       4,675,418  

San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44

     5,205       5,107,677  

South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44

     2,480       2,675,516  
   

 

 

  
      528,445,711  
   

 

 

  

Total Municipal Bonds in California

       1,966,228,027  
Illinois — 0.1%            
County/City/Special District/School District — 0.1%        

Chicago Board of Education, GO, BAB, 6.14%, 12/01/39

     2,060       1,840,414  
   

 

 

  
Puerto Rico — 7.4%            
State — 4.3%            

Commonwealth of Puerto Rico, GO
1.00%, 11/01/43(a)

     18,362       7,895,561  

1.00%, 11/01/51(a)

    24,815       8,375,151  

Series A1, Restructured, 5.63%, 07/01/29

     5,196       5,395,553  

Series A1, Restructured, 5.75%, 07/01/31

     2,021       2,121,979  

Series A1, Restructured, 4.00%, 07/01/33

     1,917       1,708,231  

Series A1, Restructured, 4.00%, 07/01/35

     1,723       1,500,224  

Series A1, Restructured, 4.00%, 07/01/37

     1,479       1,248,559  

Series A1, Restructured, 4.00%, 07/01/41

     2,010       1,636,641  

Series A1, Restructured, 4.00%, 07/01/46

     2,091       1,642,928  

Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(b)

    2,467       1,394,616  

Commonwealth of Puerto Rico, RB, 1.00%, 11/01/51(a)

     1,124       363,470  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB

    

Series A-2, Convertiable, Restructured, 4.33%, 07/01/40

     380       345,780  

Series A-1, Restructured, 4.75%, 07/01/53

     31,268       28,034,420  

Series A-1, Restructured, 5.00%, 07/01/58

     20,534       18,978,200  

Series A-2, Restructured, 4.54%, 07/01/53

     114       98,946  
 

 

 

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)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)            

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB (continued)

    

Series A-2, Restructured, 4.78%, 07/01/58

   $          12,102     $        10,757,226  

Series A-2, Restructured, 4.33%, 07/01/40

     10,624       9,671,527  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(b)

   

Series A-1, Restructured, 0.00%, 07/01/29

     1,117       814,133  

Series A-1, Restructured, 0.00%, 07/01/33

     3,239       1,913,705  

Series A-1, Restructured, 0.00%, 07/01/46

     17,313       4,451,986  

Series B-1, Restructured, 0.00%, 07/01/46

     5,761       1,488,504  
   

 

 

  
      109,837,340  
Tobacco — 0.4%            

Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(b)

    150,000       9,139,350  
   

 

 

  
Utilities — 2.7%            

Puerto Rico Electric Power Authority, RB

    

3rd Series, 5.40%, 01/01/23(d)(e)

    593       417,456  

Series A, 5.00%, 07/01/29(d)(e)

    4,130       2,827,386  

Series A, 7.00%, 07/01/33(d)(e)

    2,230       1,568,667  

Series A, 5.00%, 07/01/42(d)(e)

    8,830       6,044,992  

Series A, 7.00%, 07/01/43(d)(e)

    955       671,783  

Series A-3, 10.00%, 07/01/19(d)(e)

    2,137       1,502,904  

Series B-3, 10.00%, 07/01/19(d)(e)

    2,137       1,502,904  

Series C-1, 5.40%, 01/01/18(d)(e)

    5,870       4,129,144  

Series C-2, 5.40%, 07/01/18(d)(e)

    5,871       4,129,813  

Series C-4, 5.40%, 07/01/20(d)(e)

    593       417,457  

Series CCC, 5.25%, 07/01/26(d)(e)

    1,680       1,150,123  

Series CCC, 5.25%, 07/01/28(d)(e)

    955       653,790  

Series D-4, 7.50%, 07/01/20

     1,638       1,152,231  

Series TT, 5.00%, 07/01/25(d)(e)

    480       328,607  

Series TT, 5.00%, 07/01/26(d)(e)

    1,285       879,707  

Series WW, 5.50%, 07/01/17(d)(e)

    1,315       900,245  

Series WW, 5.50%, 07/01/19(d)(e)

    2,090       1,430,808  

Series WW, 5.38%, 07/01/24(d)(e)

    875       599,022  

Series WW, 5.25%, 07/01/33(d)(e)

    885       605,868  

Series WW, 5.50%, 07/01/38(d)(e)

    1,170       800,978  

Series XX, 5.25%, 07/01/27(d)(e)

    645       441,565  

Series XX, 5.25%, 07/01/35(d)(e)

    400       273,839  

Series XX, 5.75%, 07/01/36(d)(e)

    555       379,951  

Series XX, 5.25%, 07/01/40(d)(e)

    11,490       7,866,020  

Series A, AMT, 6.75%, 07/01/36(d)(e)

    7,630       5,367,232  

Puerto Rico Electric Power Authority, Refunding RB

    

Series AAA, 5.25%, 07/01/22(d)(e)

    2,150       1,471,884  

Series AAA, 5.25%, 07/01/27

     6,540       4,477,264  

Series AAA, 5.25%, 07/01/28(d)(e)

    4,690       3,210,760  

Series AAA, 5.25%, 07/01/29(d)(e)

    530       362,836  

Series BBB, 5.40%, 07/01/28

     2,805       1,920,295  

Series UU, 3.47%, 07/01/17(a)(d)(e)

    395       273,538  

Series UU, 1.00%, 07/01/18(a)(d)(e)

    355       245,838  
Security   Par
(000)		     Value  
Utilities (continued)            

Puerto Rico Electric Power Authority, Refunding RB (continued)

    

Series UU, 1.32%, 07/01/20(a)(d)(e)

  $            3,175     $          2,198,687  

Series UU, 3.89%, 07/01/31(a)(d)(e)

    3,765       2,607,262  

Series ZZ, 5.00%, 07/01/17(d)(e)

    925       633,252  

Series ZZ, 5.25%, 07/01/19(d)(e)

    2,945       2,016,138  

Series ZZ, 5.25%, 07/01/24(d)(e)

    1,990       1,362,348  

Series ZZ, 5.00%, 07/01/28(d)(e)

    990       677,751  

Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40

     4,060       2,779,464  
   

 

 

  
      70,279,809  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       189,256,499  
   

 

 

  

Total Municipal Bonds — 84.4%
(Cost: $2,263,248,129)

       2,157,324,940  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 8.3%

    
County/City/Special District/School District — 1.2%  

Grossmont-Cuyamaca Community College District, GO, Election 2012, Series B, 5.00%, 08/01/44

     29,715       31,623,369  
   

 

 

  
Health — 0.7%            

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47

     15,370       16,515,503  
   

 

 

  
Utilities — 6.4%            

City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47

     20,000       21,193,610  

City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34

     11,635       13,034,753  

Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46

     35,325       38,367,921  

Metropolitan Water District of Southern California, RB, AMT, Series A, 5.00%, 10/01/51

     26,620       29,008,253  
 

 

 

5  

    

Schedule of Investments (unaudited) (continued)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Utilities (continued)            

Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50

   $ 23,620     $ 25,243,166  

San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43

     33,820       36,318,165  
   

 

 

  
      163,165,868  
   

 

 

  

Total Municipal Bonds in California

       211,304,740  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.3%
(Cost: $222,250,128)

       211,304,740  
   

 

 

  

Total Long-Term Investments — 92.8%
(Cost: $2,487,598,257)

       2,370,083,487  
   

 

 

  
     Shares         
Short-Term Securities            

Money Market Funds — 9.6%

    

BlackRock Liquidity Funds California
Money Fund, Institutional Class,
2.34%(g)(h)

    247,027,604       246,829,981  
   

 

 

  

Total Short-Term Securities — 9.6%
(Cost: $246,847,560)

       246,829,981  
   

 

 

  

Total Investments — 102.4%
(Cost: $2,734,445,817)

       2,616,913,468  

Other Assets Less Liabilities — 1.5%

       36,585,385  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.9)%

       (98,626,215 ) 
   

 

 

  

Net Assets — 100.0%

     $ 2,554,872,638  
   

 

 

  

 

(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2023 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
02/28/23		     Shares
Held at
02/28/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $ 124,791,461     $ 122,093,152 (a)    $ —     $ (31,954 )    $ (22,678 )    $ 246,829,981       247,027,604     $ 403,233     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

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)

February 28, 2023

   

BlackRock California Municipal Opportunities Fund

 

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

      2,181          06/21/23        $      243,556   $ 81,230  

U.S. Long Bond

      2,308          06/21/23        289,510     2,417,162  

5-Year U.S. Treasury Note

      1,416          06/30/23        151,634     311,277  
              

 

 

  
               $ 2,809,669  
              

 

 

  

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

    $ —        $ 1,453,807        $                 —        $ 1,453,807  

Municipal Bonds

      —          2,157,324,940          —          2,157,324,940  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          211,304,740          —          211,304,740  

Short-Term Securities

                  

Money Market Funds

      246,829,981          —          —          246,829,981  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   246,829,981        $   2,370,083,487        $ —        $   2,616,913,468  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 2,809,669        $ —        $ —        $ 2,809,669  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 $98,054,970 are categorized as Level 2 within the fair value hierarchy.

 

 

7  

    

Schedule of Investments (unaudited) (continued)

February 28, 2023

 

   

BlackRock California Municipal Opportunities Fund

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM    Build America Mutual Assurance Co.
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

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