Schedule of Investments (unaudited) August 31, 2023 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds |
||||||||
Commercial Services & Supplies 0.1% | ||||||||
Chapman University, 3.00%, 04/01/51(a) |
$ | 2,100 | $ | 1,417,119 | ||||
|
|
|||||||
Total Corporate Bonds 0.1% |
1,417,119 | |||||||
|
|
|||||||
Municipal Bonds |
||||||||
California 81.4% | ||||||||
Corporate(b) 4.6% | ||||||||
California Community Choice Financing Authority, RB |
||||||||
5.00%, 07/01/53 |
25,810 | 26,619,531 | ||||||
5.00%, 12/01/53 |
16,905 | 17,369,887 | ||||||
Series B-1, 4.00%, 02/01/52 |
29,405 | 28,750,827 | ||||||
Series C, 5.25%, 01/01/54 |
7,500 | 7,764,870 | ||||||
California Municipal Finance Authority, RB, 4.20%, 07/01/51 |
25,000 | 24,946,150 | ||||||
California Pollution Control Financing Authority, Refunding RB, AMT, 4.25%, 07/01/43(c) |
7,245 | 7,196,379 | ||||||
|
|
|||||||
112,647,644 | ||||||||
County/City/Special District/School District 20.8% | ||||||||
Burlingame School District, GO, Series B, Election 2020, 5.00%, 08/01/52 |
8,210 | 8,935,353 | ||||||
California Infrastructure & Economic Development Bank, Refunding RB |
||||||||
Series A, 1.60%, 10/01/29 |
3,575 | 2,945,174 | ||||||
Series A, 1.84%, 10/01/31 |
1,100 | 868,519 | ||||||
City & County of San Francisco California Community Facilities District No. 2014-1, ST |
||||||||
Series B, 3.78%, 09/01/30 |
1,110 | 1,009,356 | ||||||
Series B, 3.92%, 09/01/31 |
3,410 | 3,097,770 | ||||||
Series B, 3.97%, 09/01/32 |
1,880 | 1,698,131 | ||||||
Series B, 4.02%, 09/01/33 |
2,070 | 1,859,150 | ||||||
City & County of San Francisco California, COP, Series A, 4.00%, 04/01/44 |
10,000 | 9,737,680 | ||||||
City & County of San Francisco California, GO, Series A, AMT, 4.00%, 06/15/36 |
5,155 | 5,172,898 | ||||||
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(d) |
26,425 | 20,728,351 | ||||||
County of Ventura California, RB, 5.15%, 07/01/24 |
75,000 | 74,759,925 | ||||||
Elk Grove Unified School District, GO, 4.00%, 08/01/44 |
16,375 | 16,238,436 | ||||||
Elk Grove Unified School District, ST, (AGM), 4.00%, 12/01/42 |
12,330 | 12,075,213 | ||||||
Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/43 |
2,150 | 2,151,595 | ||||||
Fremont Unified School District/Alameda County California, GO, Series E, Election 2014, 4.00%, 08/01/41 |
3,325 | 3,348,468 | ||||||
Fremont Union High School District, GO |
||||||||
Series A, 4.00%, 08/01/46 |
5,855 | 5,710,405 | ||||||
Election 2022, 4.00%, 08/01/48 |
15,000 | 14,642,940 | ||||||
Grossmont Healthcare District, GO, Series D, 4.00%, 07/15/40 |
2,000 | 1,960,500 | ||||||
Grossmont-Cuyamaca Community College District, GO, Series B, Election 2012, 5.00%, 08/01/44 |
20,000 | 21,274,900 | ||||||
Hayward Unified School District, GO (AGM), 4.00%, 08/01/42 |
14,380 | 13,996,011 |
Security | Par (000) |
Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Hayward Unified School District, GO (continued) |
||||||||
(BAM), 4.00%, 08/01/43 |
$ | 4,235 | $ | 4,168,413 | ||||
Irvine Facilities Financing Authority, RB, 5.25%, 05/01/43 |
10,000 | 10,365,280 | ||||||
Irvine Facilities Financing Authority, ST, (BAM), 5.00%, 09/01/48 |
20,845 | 22,522,335 | ||||||
La Mesa-Spring Valley School District, GO, Series B, 5.00%, 08/01/47 |
1,200 | 1,292,248 | ||||||
Long Beach Unified School District, GO, Series A, 4.00%, 08/01/40 |
5,000 | 4,979,820 | ||||||
Los Angeles Community College District, GO 2.11%, 08/01/32 |
2,590 | 2,075,673 | ||||||
Series K, Election 2008, 4.00%, 08/01/38 |
40 | 40,224 | ||||||
Series K, Election 2008, 4.00%, 08/01/39 |
10,000 | 10,033,820 | ||||||
Series A-2, Election 2022, 5.50%, 08/01/24 |
15,080 | 15,059,868 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/37 |
19,235 | 20,529,092 | ||||||
Los Angeles County Public Works Financing Authority, Refunding RB, Class A, 4.00%, 12/01/43 |
10,100 | 9,817,826 | ||||||
Lucia Mar Unified School District, GO, Series D, 5.25%, 08/01/47 |
9,000 | 9,884,835 | ||||||
Mount San Antonio Community College District, GO, Series 2018-A, Election 2018, 4.00%, 08/01/49 |
5,000 | 4,877,520 | ||||||
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44 |
3,575 | 3,577,585 | ||||||
Oak Grove School District, GO, Series A-2, 4.00%, 08/01/49 |
2,700 | 2,617,434 | ||||||
Orange County Local Transportation Authority Sales Tax Revenue, RB, 5.00%, 02/15/40 |
5,000 | 5,396,500 | ||||||
Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, RB, Series A, 5.00%, 06/01/47(e) |
3,650 | 3,918,282 | ||||||
Peralta Community College District, GO, Series B, 5.25%, 08/01/42 |
3,000 | 3,354,933 | ||||||
Pleasanton Unified School District, GO, 4.00%, 08/01/48 |
9,000 | 8,766,333 | ||||||
San Carlos School District, GO, Election 2012, 4.00%, 10/01/41 |
1,500 | 1,505,150 | ||||||
San Diego Community College District, GO, 2.38%, 08/01/33 |
5,375 | 4,306,009 | ||||||
San Diego Unified School District, GO, Series L, 4.00%, 07/01/44 |
3,750 | 3,731,497 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA |
||||||||
Series D, 3.25%, 08/01/29 |
1,000 | 907,170 | ||||||
Series D, 3.38%, 08/01/30 |
1,250 | 1,125,060 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(c)(d) |
3,000 | 2,056,494 | ||||||
San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 4.00%, 03/01/41 |
3,000 | 2,951,991 | ||||||
San Jose Redevelopment Agency Successor Agency, TA, Series A-T, 3.25%, 08/01/29 |
8,730 | 8,010,072 | ||||||
San Jose Unified School District, GO |
||||||||
Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(d) |
25,000 | 19,559,125 | ||||||
Series F, Election 2012, 4.00%, 08/01/42 |
4,000 | 4,024,240 |
1 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
County/City/Special District/School District (continued) | ||||||||
San Lorenzo Unified School District, GO, 4.00%, 08/01/40 |
$ | 1,115 | $ | 1,123,087 | ||||
San Luis Obispo County Community College District, GO, Series A, Election 2014, 4.00%, 08/01/34 |
3,320 | 3,366,769 | ||||||
San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47 |
5,165 | 5,785,694 | ||||||
San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/33 |
9,065 | 9,222,423 | ||||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 05/01/45 |
4,000 | 3,879,920 | ||||||
Santa Clara Unified School District, GO |
||||||||
4.00%, 07/01/41 |
12,475 | 12,601,559 | ||||||
Election 2014, 4.00%, 07/01/41 |
5,000 | 5,009,750 | ||||||
Santa Clarita Community College District, GO |
||||||||
Election 2016, 4.00%, 08/01/42 |
1,400 | 1,406,633 | ||||||
Election 2016, 5.25%, 08/01/48 |
4,000 | 4,444,944 | ||||||
Santa Cruz City Elementary School District, GO |
||||||||
Series C, 2.00%, 08/01/34 |
1,770 | 1,536,884 | ||||||
Series C, 2.00%, 08/01/36 |
695 | 564,767 | ||||||
Santa Cruz City High School District, GO |
||||||||
Series C, 2.00%, 08/01/35 |
450 | 379,413 | ||||||
Series C, 2.00%, 08/01/36 |
1,755 | 1,425,615 | ||||||
Series C, 2.00%, 08/01/37 |
2,870 | 2,248,229 | ||||||
Series C, 2.00%, 08/01/38 |
2,955 | 2,241,125 | ||||||
Series C, 2.13%, 08/01/39 |
3,070 | 2,318,584 | ||||||
South Orange County Public Financing Authority, RB, 5.00%, 06/01/47 |
11,000 | 11,808,511 | ||||||
West Valley-Mission Community College District, GO |
||||||||
Series B, 5.00%, 08/01/47 |
10,000 | 10,907,850 | ||||||
Series A, AMT, 4.00%, 08/01/44 |
9,765 | 9,732,824 | ||||||
Series B, Election 2012, 4.00%, 08/01/34 |
5,160 | 5,235,388 | ||||||
|
|
|||||||
508,905,573 | ||||||||
Education 6.3% | ||||||||
California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31 |
2,000 | 1,771,990 | ||||||
California Infrastructure & Economic Development Bank, RB(c) |
||||||||
5.00%, 01/01/24(f) |
125 | 124,591 | ||||||
4.13%, 01/01/35 |
985 | 834,201 | ||||||
5.00%, 01/01/55 |
2,000 | 1,533,428 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB, 0.00%, 01/01/60(d) |
37,500 | 2,402,363 | ||||||
California Municipal Finance Authority, RB |
||||||||
5.00%, 06/15/41(c) |
925 | 847,319 | ||||||
6.00%, 07/01/44 |
500 | 500,168 | ||||||
5.00%, 06/15/51(c) |
1,385 | 1,201,123 | ||||||
Series A, 5.50%, 08/01/34(c) |
250 | 250,272 | ||||||
California Municipal Finance Authority, Refunding RB(c) |
||||||||
5.00%, 08/01/39 |
1,785 | 1,652,042 | ||||||
5.00%, 08/01/48 |
2,140 | 1,863,617 | ||||||
California Public Finance Authority, RB, Series B, 5.00%, 07/01/26(c) |
190 | 185,970 | ||||||
California School Finance Authority, RB(c) |
||||||||
Series A, 5.00%, 06/01/33 |
525 | 522,606 | ||||||
Series A, 5.00%, 06/01/43 |
525 | 487,421 | ||||||
Series A, 5.00%, 06/01/49 |
7,105 | 6,221,650 | ||||||
Series A, 6.00%, 07/01/51 |
1,500 | 1,526,781 | ||||||
Series A, 5.00%, 06/01/55 |
1,000 | 890,939 | ||||||
Series A, 5.00%, 06/01/58 |
3,355 | 2,852,233 |
Security | Par (000) |
Value | ||||||
Education (continued) | ||||||||
California School Finance Authority, RB(c) (continued) |
||||||||
Series B, 6.00%, 06/01/31 |
$ | 735 | $ | 654,306 | ||||
Series A, AMT, 6.00%, 06/01/59 |
8,925 | 8,319,974 | ||||||
California State University, Refunding RB |
||||||||
Series A, 5.00%, 11/01/43 |
23,000 | 24,489,894 | ||||||
Series B, 1.67%, 11/01/29 |
9,000 | 7,431,030 | ||||||
Series B, 1.85%, 11/01/31 |
6,750 | 5,337,131 | ||||||
Series B, 2.53%, 11/01/33 |
2,580 | 2,066,368 | ||||||
Series D, 1.69%, 11/01/29 |
5,000 | 4,132,540 | ||||||
California Statewide Communities Development Authority, Refunding RB(c) |
||||||||
Series A, 5.00%, 06/01/36 |
2,900 | 2,813,075 | ||||||
Series A, 5.00%, 06/01/46 |
4,100 | 3,727,105 | ||||||
Hastings Campus Housing Finance Authority, RB, Series A, 5.00%, 07/01/61(c) |
7,640 | 6,213,761 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 |
12,305 | 13,037,886 | ||||||
University of California, RB, BAB, 6.30%, 05/15/50 |
3,790 | 3,951,465 | ||||||
University of California, Refunding RB |
||||||||
Series AZ, 5.00%, 05/15/43 |
25,000 | 26,593,200 | ||||||
Series I, 5.00%, 05/15/40 |
8,035 | 8,235,923 | ||||||
Series Q, 4.00%, 05/15/41 |
10,300 | 10,341,035 | ||||||
|
|
|||||||
153,013,407 | ||||||||
Health 5.4% | ||||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
4.00%, 05/15/46 |
1,950 | 1,852,894 | ||||||
Series A, 4.00%, 08/15/40 |
6,750 | 6,724,343 | ||||||
Series A, 4.00%, 11/15/40 |
3,085 | 3,104,275 | ||||||
Series A, 4.00%, 08/15/48 |
6,000 | 5,822,370 | ||||||
Series A, 4.00%, 08/15/50 |
7,035 | 6,696,975 | ||||||
Series A-2, 4.00%, 11/01/44 |
20,225 | 19,808,426 | ||||||
Series B, 4.00%, 11/15/41 |
1,350 | 1,328,779 | ||||||
Series B, 5.00%, 11/15/46 |
9,330 | 9,538,721 | ||||||
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 11/01/39(c) |
980 | 943,113 | ||||||
California Public Finance Authority, RB |
||||||||
Series A, 4.00%, 07/15/41 |
4,810 | 4,700,909 | ||||||
Series A, 5.00%, 07/15/46 |
5,375 | 5,767,552 | ||||||
California Public Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 08/01/47 |
9,010 | 8,580,872 | ||||||
Series A, 5.00%, 08/01/47 |
7,750 | 8,062,922 | ||||||
City of Corona California, RB, 2.24%, 05/01/30 |
10,000 | 8,403,340 | ||||||
City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30 |
2,750 | 2,314,469 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB |
||||||||
Series P, 5.00%, 05/15/41 |
4,830 | 5,332,223 | ||||||
Series P, 4.00%, 05/15/43 |
10,000 | 9,917,860 | ||||||
Series P, 5.00%, 05/15/47 |
10,930 | 11,926,434 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB |
||||||||
Series L, 5.00%, 05/15/41 |
8,215 | 8,508,243 | ||||||
Series L, 5.00%, 05/15/47 |
3,285 | 3,370,085 | ||||||
|
|
|||||||
132,704,805 | ||||||||
Housing 2.3% | ||||||||
California Community Housing Agency, RB, M/F Housing(c) |
||||||||
Series A, 5.00%, 04/01/49 |
2,630 | 2,165,229 |
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, 2023 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Housing (continued) | ||||||||
California Community Housing Agency, RB, M/F Housing(c) (continued) |
||||||||
Series A-1, 3.00%, 02/01/57 |
$ | 5,000 | $ | 2,970,350 | ||||
Series A-2, 4.00%, 02/01/50 |
1,600 | 1,184,141 | ||||||
Series A-2, 4.00%, 08/01/51 |
12,920 | 7,872,246 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 |
19,894 | 14,621,463 | ||||||
CMFA Special Finance Agency VII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c) |
1,430 | 935,932 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c) |
4,440 | 2,891,466 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(c) |
2,740 | 2,093,108 | ||||||
CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45(c) |
1,205 | 962,465 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) |
||||||||
2.80%, 03/01/47 |
3,430 | 2,496,268 | ||||||
3.13%, 07/01/56 |
5,620 | 3,555,836 | ||||||
3.13%, 08/01/56 |
1,460 | 960,238 | ||||||
4.00%, 12/01/56 |
445 | 307,329 | ||||||
3.25%, 04/01/57 |
2,830 | 1,892,248 | ||||||
4.00%, 07/01/58 |
2,150 | 1,438,722 | ||||||
Series A, 3.00%, 09/01/56 |
2,045 | 1,289,207 | ||||||
Series B, 4.00%, 07/01/58 |
2,450 | 1,666,870 | ||||||
Mezzanine Lien, 4.00%, 03/01/57 |
500 | 352,251 | ||||||
Series B, Mezzanine Lien, 4.00%, 12/01/59 |
2,925 | 1,832,828 | ||||||
Senior Lien, 3.13%, 06/01/57 |
3,850 | 2,529,053 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 |
4,580 | 2,934,012 | ||||||
|
|
|||||||
56,951,262 | ||||||||
State 2.8% | ||||||||
California State Public Works Board, RB 4.00%, 11/01/41 |
6,825 | 6,851,303 | ||||||
Series B, 4.00%, 05/01/39 |
2,545 | 2,580,844 | ||||||
Series B, 4.00%, 05/01/41 |
3,860 | 3,894,860 | ||||||
Series B, 4.00%, 03/01/45 |
1,005 | 977,610 | ||||||
Series C, 5.00%, 11/01/44 |
24,985 | 26,652,549 | ||||||
State of California, GO |
||||||||
6.00%, 03/01/33 |
3,590 | 3,883,802 | ||||||
5.00%, 10/01/39 |
5,000 | 5,192,500 | ||||||
State of California, Refunding GO, 5.25%, 10/01/39 |
18,150 | 18,968,020 | ||||||
|
|
|||||||
69,001,488 | ||||||||
Tobacco 1.7% | ||||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |
2,595 | 2,379,031 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(d) |
7,620 | 1,233,602 | ||||||
California Statewide Financing Authority, |
||||||||
Series D, 0.00%, 06/01/55 |
20,750 | 1,240,892 | ||||||
Series L, 0.00%, 06/01/55 |
91,500 | 4,931,758 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Class B, (SAP), 2.75%, 06/01/34 |
5,175 | 4,193,458 | ||||||
Series B, 5.00%, 06/01/51 |
5,995 | 6,234,248 | ||||||
Subordinate, 3.85%, 06/01/50 |
5,435 | 4,921,822 |
Security | Par (000) |
Value | ||||||
Tobacco (continued) | ||||||||
Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(d) |
$ | 34,680 | $ | 1,875,078 | ||||
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 |
3,645 | 3,420,592 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
10,000 | 10,320,390 | ||||||
|
|
|||||||
40,750,871 | ||||||||
Transportation 11.8% | ||||||||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32 |
920 | 936,244 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50(b)(c) |
35,000 | 34,814,045 | ||||||
City of Los Angeles Department of Airports, ARB |
||||||||
AMT, 5.25%, 05/15/47 |
7,000 | 7,499,786 | ||||||
Series A, AMT, 5.00%, 05/15/44 |
8,010 | 8,269,244 | ||||||
Series B, AMT, 5.00%, 05/15/41 |
18,710 | 18,909,449 | ||||||
Series C, AMT, 5.00%, 05/15/45 |
20,000 | 20,969,280 | ||||||
Series D, AMT, 5.00%, 05/15/41 |
8,520 | 8,619,181 | ||||||
City of Los Angeles Department of Airports, Refunding ARB |
||||||||
AMT, Subordinate, 5.00%, 05/15/35 |
5,425 | 5,686,718 | ||||||
AMT, Subordinate, 5.00%, 05/15/46 |
4,985 | 5,179,619 | ||||||
City of Los Angeles Department of Airports, Refunding RB, Series B, 4.00%, 05/15/40 |
2,000 | 2,008,318 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/47 |
4,660 | 4,686,646 | ||||||
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 |
7,345 | 7,371,817 | ||||||
Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39 |
3,570 | 3,581,720 | ||||||
San Diego County Regional Airport Authority, ARB, Series A, 4.00%, 07/01/40 |
1,395 | 1,395,504 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
2nd Series, AMT, 5.00%, 05/01/48 |
10,145 | 10,316,887 | ||||||
Series A, AMT, 5.00%, 05/01/39 |
9,995 | 10,358,728 | ||||||
Series A, AMT, 5.25%, 05/01/42 |
40,370 | 41,469,235 | ||||||
Series A, AMT, 5.00%, 05/01/44 |
10,000 | 10,232,930 | ||||||
Series A, AMT, 5.00%, 05/01/47 |
34,305 | 34,797,448 | ||||||
Series B, AMT, 5.00%, 05/01/46 |
29,915 | 30,253,548 | ||||||
Series D, AMT, 5.00%, 05/01/43 |
6,440 | 6,598,488 | ||||||
Series D, AMT, 5.25%, 05/01/48 |
3,500 | 3,598,886 | ||||||
Series E, AMT, 5.00%, 05/01/38 |
9,055 | 9,432,195 | ||||||
|
|
|||||||
286,985,916 | ||||||||
Utilities 25.7% | ||||||||
California Community Choice Financing Authority, RB, 5.00%, 02/01/54(b) |
50,000 | 52,250,000 | ||||||
California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29 |
1,000 | 829,622 | ||||||
City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 5.00%, 06/01/47 |
12,655 | 13,886,091 | ||||||
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 |
6,465 | 6,801,406 |
3 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Utilities (continued) | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series B, 5.25%, 11/01/48 |
$ | 7,935 | $ | 8,793,266 | ||||
East Bay Municipal Utility District Water System Revenue, RB |
||||||||
Series A, 5.00%, 06/01/42 |
27,045 | 28,366,662 | ||||||
Series A, 4.00%, 06/01/45 |
4,885 | 4,778,614 | ||||||
Series A, 5.00%, 06/01/49 |
2,500 | 2,642,050 | ||||||
Eastern Municipal Water District Financing Authority, RB |
||||||||
Series D, 5.25%, 07/01/42 |
18,500 | 19,687,497 | ||||||
Series D, 5.00%, 07/01/47 |
36,105 | 37,799,155 | ||||||
Eastern Municipal Water District Financing Authority, Refunding RB, Series B, 4.00%, 07/01/34 |
5,455 | 5,592,493 | ||||||
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 |
6,085 | 6,179,044 | ||||||
Irvine Ranch Water District Water Service Corp., SAB, 5.25%, 02/01/41 |
2,000 | 2,096,640 | ||||||
Irvine Ranch Water District, COP, 5.00%, 03/01/46 |
19,330 | 20,021,202 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB |
||||||||
Series A, 5.00%, 07/01/41 |
10,020 | 10,467,353 | ||||||
Series A, 5.25%, 07/01/44 |
10,650 | 11,161,062 | ||||||
Series A, 5.00%, 07/01/46 |
20,000 | 20,493,040 | ||||||
Series A, 5.00%, 07/01/49 |
4,415 | 4,777,626 | ||||||
Series B, 4.00%, 07/01/49 |
5,000 | 4,915,640 | ||||||
Series C, 5.00%, 07/01/43 |
5,000 | 5,485,345 | ||||||
Series D, 5.00%, 07/01/47 |
4,265 | 4,607,458 | ||||||
Los Angeles Department of Water & Power, RB |
||||||||
5.00%, 07/01/51 |
15,000 | 16,008,690 | ||||||
Series B, 5.00%, 07/01/47 |
3,000 | 3,247,788 | ||||||
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51 |
27,545 | 29,303,914 | ||||||
Metropolitan Water District of Southern California, RB, Series A, AMT, 5.00%, 10/01/51 |
24,000 | 25,647,336 | ||||||
Modesto Irrigation District, RB, Series A, 5.25%, 10/01/48 |
18,500 | 20,310,188 | ||||||
Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40 |
2,150 | 2,376,150 | ||||||
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45 |
10,015 | 10,815,769 | ||||||
Sacramento Municipal Utility District, RB, Series G, 5.00%, 08/15/41 |
7,000 | 7,567,840 | ||||||
Sacramento Municipal Utility District, Refunding RB |
||||||||
Series H, 4.00%, 08/15/40 |
7,700 | 7,802,649 | ||||||
Series H, 4.00%, 08/15/45 |
8,760 | 8,608,382 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 05/15/36 |
5,000 | 5,284,075 | ||||||
Series A, 5.00%, 05/15/38 |
13,595 | 14,252,359 | ||||||
Series A, 5.25%, 08/01/48 |
14,340 | 15,943,685 | ||||||
Series B, 5.00%, 08/01/38 |
7,725 | 8,108,106 | ||||||
Series B, 5.00%, 08/01/39 |
8,735 | 9,141,483 | ||||||
Series A, AMT, 4.00%, 08/01/45 |
11,835 | 11,487,915 | ||||||
Series A, Subordinate, 5.00%, 08/01/43 |
20,000 | 21,257,840 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB |
||||||||
Series B, 1.00%, 10/01/26 |
27,880 | 26,373,699 |
Security | Par (000) |
Value | ||||||
Utilities (continued) | ||||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, |
||||||||
Series B, 5.00%, 10/01/43 |
$ | 41,405 | $ | 43,936,378 | ||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB |
||||||||
Series A, 5.00%, 10/01/46 |
3,100 | 3,356,432 | ||||||
Series A, 4.00%, 10/01/47 |
8,000 | 7,804,288 | ||||||
Series B, 5.00%, 10/01/41 |
3,000 | 3,351,396 | ||||||
Series B, 4.00%, 10/01/42 |
17,010 | 17,011,412 | ||||||
Series B, 5.00%, 10/01/43 |
2,965 | 3,247,046 | ||||||
Series B, 5.00%, 10/01/48 |
4,290 | 4,625,469 | ||||||
San Jose Financing Authority, Refunding RB |
||||||||
Series B, 5.00%, 11/01/47 |
5,505 | 6,016,904 | ||||||
Series B, 5.00%, 11/01/52 |
12,490 | 13,540,372 | ||||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 |
5,205 | 5,150,368 | ||||||
Southern California Public Power Authority, RB, 5.00%, 07/01/48 |
5,000 | 5,440,360 | ||||||
|
|
|||||||
628,649,559 | ||||||||
|
|
|||||||
Total Municipal Bonds in California |
1,989,610,525 | |||||||
Illinois 0.1% | ||||||||
County/City/Special District/School District 0.1% | ||||||||
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 |
2,060 | 1,896,698 | ||||||
|
|
|||||||
Puerto Rico 5.9% | ||||||||
State 4.4% | ||||||||
Commonwealth of Puerto Rico, GO |
||||||||
0.00%, 11/01/43(b) |
18,362 | 9,456,311 | ||||||
0.00%, 11/01/51(b) |
24,815 | 10,422,410 | ||||||
Series A-1, Restructured, 5.63%, 07/01/29 |
5,196 | 5,505,265 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 |
2,021 | 2,179,312 | ||||||
Series A-1, Restructured, 4.00%, 07/01/33 |
1,917 | 1,814,659 | ||||||
Series A-1, Restructured, 4.00%, 07/01/35 |
1,723 | 1,592,094 | ||||||
Series A-1, Restructured, 4.00%, 07/01/37 |
1,479 | 1,327,235 | ||||||
Series A-1, Restructured, 4.00%, 07/01/41 |
2,010 | 1,721,535 | ||||||
Series A-1, Restructured, 4.00%, 07/01/46 |
2,091 | 1,730,865 | ||||||
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(d) |
2,467 | 1,488,598 | ||||||
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(b) |
1,124 | 382,041 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-2, Convertible, Restructured, 4.33%, 07/01/40 |
380 | 358,326 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
26,728 | 25,022,807 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
5,583 | 5,402,468 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 |
114 | 101,467 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
12,102 | 11,292,134 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
7,574 | 7,154,022 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/29 |
1,117 | 874,370 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 |
3,239 | 2,101,845 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 |
54,873 | 15,210,741 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 |
5,761 | 1,587,513 | ||||||
|
|
|||||||
106,726,018 |
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, 2023 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Tobacco 0.4% | ||||||||
Childrens Trust Fund, RB, Series A, 0.00%, 05/15/57(d) |
$ | 150,000 | $ | 9,070,800 | ||||
|
|
|||||||
Utilities(a)(g) 1.1% | ||||||||
Puerto Rico Electric Power Authority, RB |
593 | 162,432 | ||||||
Series A, 5.00%, 07/01/29 |
4,130 | 1,130,414 | ||||||
Series A, 7.00%, 07/01/33 |
2,230 | 610,369 | ||||||
Series A, 5.00%, 07/01/42 |
6,125 | 1,676,461 | ||||||
Series A, 7.00%, 07/01/43 |
955 | 261,391 | ||||||
Series A-3, 10.00%, 07/01/19 |
2,137 | 584,780 | ||||||
Series B-3, 10.00%, 07/01/19 |
2,137 | 584,780 | ||||||
Series C-1, 5.40%, 01/01/18 |
5,870 | 1,606,652 | ||||||
Series C-2, 5.40%, 07/01/18 |
5,871 | 1,606,912 | ||||||
Series C-4, 5.40%, 07/01/20 |
593 | 162,433 | ||||||
Series CCC, 5.25%, 07/01/26 |
1,680 | 459,829 | ||||||
Series CCC, 5.25%, 07/01/28 |
955 | 261,391 | ||||||
Series D-4, 7.50%, 07/01/20 |
4,342 | 1,188,518 | ||||||
Series TT, 5.00%, 07/01/25 |
480 | 131,380 | ||||||
Series TT, 5.00%, 07/01/26 |
1,285 | 351,715 | ||||||
Series WW, 5.50%, 07/01/18 |
1,155 | 316,133 | ||||||
Series WW, 5.50%, 07/01/19 |
935 | 255,917 | ||||||
Series WW, 5.38%, 07/01/24 |
875 | 239,494 | ||||||
Series WW, 5.25%, 07/01/33 |
885 | 242,232 | ||||||
Series WW, 5.50%, 07/01/38 |
1,170 | 320,238 | ||||||
Series WW, 5.50%, 07/01/49 |
1,315 | 359,926 | ||||||
Series XX, 5.25%, 07/01/27 |
645 | 176,542 | ||||||
Series XX, 5.25%, 07/01/35 |
400 | 109,483 | ||||||
Series XX, 5.75%, 07/01/36 |
555 | 151,908 | ||||||
Series XX, 5.25%, 07/01/40 |
11,490 | 3,144,905 | ||||||
Series A, AMT, 6.75%, 07/01/36 |
7,630 | 2,088,392 | ||||||
Puerto Rico Electric Power Authority, Refunding RB |
||||||||
Series AAA, 5.25%, 07/01/22 |
2,150 | 588,472 | ||||||
Series AAA, 5.25%, 07/01/27 |
6,540 | 1,790,050 | ||||||
Series AAA, 5.25%, 07/01/28 |
4,690 | 1,283,691 | ||||||
Series AAA, 5.25%, 07/01/29 |
530 | 145,065 | ||||||
Series BBB, 5.40%, 07/01/28 |
2,805 | 767,751 | ||||||
Series UU, 3.47%, 07/01/17(b) |
395 | 108,115 | ||||||
Series UU, 0.00%, 07/01/18(b) |
355 | 97,166 | ||||||
Series UU, 1.32%, 07/01/20(b) |
3,175 | 869,023 | ||||||
Series UU, 4.41%, 07/01/31(b) |
3,765 | 1,030,511 | ||||||
Series ZZ, 5.00%, 07/01/17 |
925 | 253,180 | ||||||
Series ZZ, 5.25%, 07/01/19 |
2,945 | 806,070 | ||||||
Series ZZ, 5.25%, 07/01/24 |
1,990 | 544,679 | ||||||
Series ZZ, 5.00%, 07/01/28 |
990 | 270,971 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, |
4,060 | 1,111,254 | ||||||
|
|
|||||||
27,850,625 | ||||||||
|
|
|||||||
Total Municipal Bonds in Puerto Rico |
143,647,443 | |||||||
|
|
|||||||
Total Municipal Bonds 87.4% |
2,135,154,666 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
California 4.6% | ||||||||
Health 0.7% | ||||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 |
15,370 | 16,771,206 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Utilities 3.9% | ||||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 |
$ | 20,000 | $ | 21,106,260 | ||||
City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34 |
11,635 | 12,516,677 | ||||||
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46 |
35,325 | 38,085,086 | ||||||
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50 |
23,620 | 25,230,967 | ||||||
|
|
|||||||
96,938,990 | ||||||||
|
|
|||||||
Total Municipal Bonds in California |
|
113,710,196 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 4.6% |
|
113,710,196 | ||||||
|
|
|||||||
Total Long-Term Investments 92.1% |
|
2,250,281,981 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds 9.1% | ||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, 3.22%(i)(j) |
223,958,161 | 223,801,390 | ||||||
|
|
|||||||
Total Short-Term Securities 9.1% |
|
223,801,390 | ||||||
|
|
|||||||
Total Investments 101.2% |
|
2,474,083,371 | ||||||
Other Assets Less Liabilities 1.0% |
|
22,852,544 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (2.2)% |
|
(53,384,017 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
|
$ | 2,443,551,898 | |||||
|
|
(a) | Non-income producing security. |
(b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interestrate as of period end. Security description also includes the reference rate and spread if published and available. |
(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) | Zero-coupon bond. |
(e) | When-issued security. |
(f) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | 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. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
5 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
BlackRock California Municipal Opportunities Fund |
For Fund compliance purposes, the Funds 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 August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/23 |
Shares Held at 08/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class |
$ | 295,902,305 | $ | | $ | (72,144,013 | )(a) | $ | 7,232 | $ | 35,866 | $ | 223,801,390 | 223,958,161 | $ | 1,583,807 | $ | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
2,084 | 12/19/23 | $ | 231,324 | $ | (1,755,927 | ) | |||||||||
U.S. Long Bond |
1,699 | 12/19/23 | 206,535 | (2,606,574 | ) | |||||||||||
5-Year U.S. Treasury Note |
1,556 | 12/29/23 | 166,407 | (1,143,335 | ) | |||||||||||
|
|
|||||||||||||||
$ | (5,505,836 | ) | ||||||||||||||
|
|
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 marketcorroborated 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 Committees 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 Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
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, 2023 |
BlackRock California Municipal Opportunities Fund |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds 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 |
$ | | $ | 1,417,119 | $ | | $ | 1,417,119 | ||||||||
Municipal Bonds |
| 2,135,154,666 | | 2,135,154,666 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 113,710,196 | | 113,710,196 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
223,801,390 | | | 223,801,390 | ||||||||||||
Unfunded Fixed-Income Commitments(a) |
| | 10,367,490 | 10,367,490 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 223,801,390 | $ | 2,250,281,981 | $ | 10,367,490 | $ | 2,484,450,861 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(b) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (5,505,836 | ) | $ | | $ | | $ | (5,505,836 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Unfunded fixed-income commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | 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 $52,974,978 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 | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
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 | |
SAN | State Aid Notes | |
SAP | Subject to Appropriations | |
ST | Special Tax | |
TA | Tax Allocation |
7 |