NPORT-EX 2 NPORT_LCP2_16306829_0823.htm BlackRock California Municipal Opportunities Fund

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%
(Cost: $2,100,000)

       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,
RB(c)(d)

   

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,
RB (continued)

    

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%            

Children’s 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
3rd Series, 0.00%, 01/01/23

     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,
6.13%, 07/01/40

     4,060       1,111,254  
   

 

 

  
      27,850,625  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       143,647,443  
   

 

 

  

Total Municipal Bonds — 87.4%
(Cost: $2,267,034,948)

       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%
(Cost: $119,272,194)

 

     113,710,196  
   

 

 

  

Total Long-Term Investments — 92.1%
(Cost: $2,388,407,142)

 

      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%
(Cost: $223,746,291)

 

     223,801,390  
   

 

 

  

Total Investments — 101.2%
(Cost: $2,612,153,433)

 

     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 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 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 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.

 

 

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 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

    $      —       $ 1,417,119        $ —        $ 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