| Schedule of Investments (unaudited) February 29, 2024 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Corporate Bonds |
||||||||
| Diversified Consumer Services — 0.1% |
||||||||
| Chapman University, 3.00%, 04/01/51 |
$ | 2,100 | $ | 1,374,712 | ||||
|
|
|
|||||||
| Total Corporate Bonds — 0.1% |
1,374,712 | |||||||
|
|
|
|||||||
| Municipal Bonds | ||||||||
| California — 80.9% |
||||||||
| Corporate — 10.5% | ||||||||
| California Community Choice Financing Authority, RB(a) |
||||||||
| 5.00%, 05/01/54 |
35,000 | 37,630,156 | ||||||
| Series G, 5.25%, 11/01/54 |
50,000 | 53,352,484 | ||||||
| Sustainability Bonds, 5.00%, 07/01/53 |
19,015 | 20,105,429 | ||||||
| Sustainability Bonds, 5.00%, 12/01/53 |
10,000 | 10,490,630 | ||||||
| Sustainability Bonds, 5.50%, 10/01/54 |
20,000 | 21,900,671 | ||||||
| Series B-1, Sustainability Bonds, 4.00%, 02/01/52 |
26,235 | 26,375,683 | ||||||
| Series E-1, Sustainability Bonds, 5.00%, 02/01/54 |
48,000 | 51,188,709 | ||||||
| California Pollution Control Financing Authority, Refunding RB, AMT, 4.13%, 07/01/43(a)(b) |
17,000 | 17,000,191 | ||||||
| California Statewide Communities Development Authority, Refunding RB, Sustainability Bonds, 1.68%, 02/01/29 |
1,000 | 855,581 | ||||||
|
|
|
|||||||
| 238,899,534 | ||||||||
| County/City/Special District/School District — 23.2% | ||||||||
| California Infrastructure & Economic Development Bank, Refunding RB |
||||||||
| Series A, 1.60%, 10/01/29 |
3,575 | 3,051,233 | ||||||
| Series A, 1.84%, 10/01/31 |
1,100 | 900,074 | ||||||
| Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48 |
5,105 | 5,883,761 | ||||||
| Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45 |
8,000 | 8,076,658 | ||||||
| City & County of San Francisco California Community Facilities District No. 2014-1, ST |
||||||||
| Series B, Sustainability Bonds, 3.78%, 09/01/30 |
1,110 | 1,013,259 | ||||||
| Series B, Sustainability Bonds, 3.92%, 09/01/31 |
3,410 | 3,097,542 | ||||||
| Series B, Sustainability Bonds, 3.97%, 09/01/32 |
1,880 | 1,692,340 | ||||||
| Series B, Sustainability Bonds, 4.02%, 09/01/33 |
2,070 | 1,848,499 | ||||||
| City & County of San Francisco California, Refunding COP, Series A, Sustainability Bonds, 4.00%, 04/01/44 |
10,000 | 10,122,896 | ||||||
| City of Corona California, RB, 2.24%, 05/01/30 |
10,000 | 8,561,300 | ||||||
| City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30 |
2,750 | 2,346,742 | ||||||
| Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(c) |
26,425 | 21,694,340 | ||||||
| Colton Joint Unified School District, GO, Series F, Election 2008, (BAM), 5.00%, 08/01/49 |
4,750 | 5,312,034 | ||||||
| County of Ventura California, RB, 5.15%, 07/01/24 |
50,000 | 49,905,708 | ||||||
| Desert Community College District, GO, Election 2016, 4.00%, 08/01/45 |
6,335 | 6,495,912 | ||||||
| Dublin Unified School District, GO, Series B, Election 2020, 4.00%, 08/01/46 |
5,995 | 6,111,317 | ||||||
| Elk Grove Unified School District, GO, Election 2016, 4.00%, 08/01/44 |
16,375 | 16,538,285 | ||||||
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District (continued) |
|
|||||||
| Elk Grove Unified School District, ST, Election 1998, (AGM), 4.00%, 12/01/42 |
$ | 8,000 | $ | 8,176,815 | ||||
| Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48 |
15,000 | 15,193,422 | ||||||
| Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46 |
6,025 | 6,085,396 | ||||||
| Grossmont-Cuyamaca Community College District, GO, Series B, Election 2012, 5.00%, 08/01/44 |
16,000 | 17,210,106 | ||||||
| Hacienda La Puente Unified School District, GO, Series A, Election 2016, 5.00%, 08/01/47 |
4,750 | 5,200,082 | ||||||
| Irvine Facilities Financing Authority, RB, 5.25%, 05/01/43 |
10,000 | 10,420,177 | ||||||
| Irvine Facilities Financing Authority, ST, Series A, (BAM), 5.00%, 09/01/48 |
16,000 | 17,949,707 | ||||||
| Las Virgenes Unified School District, GO |
||||||||
| Series A, Election 2022, 5.00%, 08/01/45 |
2,345 | 2,634,536 | ||||||
| Series A, Election 2022, 5.00%, 08/01/47 |
1,220 | 1,362,007 | ||||||
| Long Beach Unified School District, GO, Series A, 4.00%, 08/01/40 |
5,000 | 5,041,919 | ||||||
| Los Angeles Community College Distric, GO |
||||||||
| Series J, Election 2008, 4.00%, 08/01/38 |
3,000 | 3,038,984 | ||||||
| Series J, Election 2008, 4.00%, 08/01/41 |
17,555 | 17,646,703 | ||||||
| Series K, Election 2008, 4.00%, 08/01/39 |
10,000 | 10,150,858 | ||||||
| Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32 |
2,590 | 2,147,384 | ||||||
| Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48 |
2,070 | 2,044,988 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/42 |
8,945 | 10,058,239 | ||||||
| Los Angeles County Public Works Financing Authority, Refunding RB |
||||||||
| Series D, 5.00%, 12/01/45 |
1,930 | 1,982,417 | ||||||
| Series E-1, 5.00%, 12/01/44 |
3,900 | 4,239,383 | ||||||
| Sustainability Bonds, 5.00%, 12/01/45 |
7,815 | 8,553,086 | ||||||
| Lucia Mar Unified School District, GO, Series D, Election 2016, 5.25%, 08/01/47 |
9,000 | 10,050,887 | ||||||
| Manhattan Beach Unified School District, GO, Series B, 4.00%, 09/01/45 |
3,500 | 3,557,920 | ||||||
| Manteca Unified School District, GO, Series B, Election 2020, 4.00%, 08/01/48 |
4,180 | 4,179,780 | ||||||
| Mount San Antonio Community College District, Refunding GO |
||||||||
| Series 2018-A, Election 2018, 4.00%, 08/01/49 |
5,000 | 5,087,997 | ||||||
| Series A, Election 2018, 5.00%, 08/01/44 |
3,430 | 3,745,297 | ||||||
| North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44 |
3,575 | 3,667,709 | ||||||
| Palmdale Elementary School District, GO, Election 2022, (BAM), 5.00%, 08/01/48 |
2,650 | 2,975,240 | ||||||
| Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, RB, Series A, Sustainability Bonds, 5.00%, 06/01/47 |
3,650 | 4,032,039 | ||||||
| Peralta Community College District, Refunding GO, Series A, 4.00%, 08/01/31 |
7,500 | 7,543,906 | ||||||
| Pleasanton Unified School District, GO, Election 2022, 4.00%, 08/01/48 |
9,000 | 9,106,576 | ||||||
| Ravenswood City School District, GO |
||||||||
| Series L, 4.00%, 07/01/44 |
3,750 | 3,809,500 | ||||||
| Election 2018, (AGM), 5.25%, 08/01/45 |
1,000 | 1,102,231 | ||||||
| Redwood City School District, GO, Series A, Election 2022, 5.00%, 08/01/48 |
6,000 | 6,760,063 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) February 29, 2024 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District (continued) |
| |||||||
| Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41 |
$ | 8,000 | $ | 8,346,822 | ||||
| San Bernardino Community College District, GO |
||||||||
| Series E-1, Election 2008, 4.13%, 08/01/49 |
4,000 | 4,018,720 | ||||||
| Series B, Election 2018, 4.13%, 08/01/49 |
10,470 | 10,687,684 | ||||||
| San Diego Community College District, GO |
||||||||
| 4.00%, 08/01/42 |
3,000 | 3,163,330 | ||||||
| 4.00%, 08/01/43 |
4,450 | 4,673,565 | ||||||
| San Diego Community College District, Refunding GO, 2.38%, 08/01/33 |
5,375 | 4,369,603 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA |
||||||||
| Series D, 3.25%, 08/01/29 |
1,000 | 909,823 | ||||||
| Series D, 3.38%, 08/01/30 |
1,250 | 1,125,194 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c) |
3,000 | 2,099,699 | ||||||
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 4.00%, 03/01/41 |
3,000 | 3,010,277 | ||||||
| San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29 |
8,730 | 8,101,565 | ||||||
| San Jose Unified School District, GO |
||||||||
| Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(c) |
25,000 | 20,898,762 | ||||||
| Series F, Election 2012, 4.00%, 08/01/42 |
4,000 | 4,107,025 | ||||||
| San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47 |
5,165 | 5,975,234 | ||||||
| San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45 |
1,000 | 1,069,873 | ||||||
| San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/33 |
9,065 | 9,245,467 | ||||||
| San Mateo Foster City Public Financing Authority, RB |
||||||||
| 4.00%, 05/01/45 |
4,000 | 4,056,454 | ||||||
| 4.00%, 05/01/48 |
2,265 | 2,286,723 | ||||||
| San Rafael City High School District, GO, Series B, Election 2022, 5.00%, 08/01/48 |
1,800 | 2,006,185 | ||||||
| Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/37 |
2,205 | 2,279,241 | ||||||
| Santa Clara Unified School District, GO |
||||||||
| 4.00%, 07/01/41 |
12,475 | 12,980,359 | ||||||
| Election 2014, 4.00%, 07/01/41 |
5,000 | 5,013,693 | ||||||
| Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/48 |
4,000 | 4,476,081 | ||||||
| Simi Valley Unified School District, GO, Series D, 5.25%, 08/01/51 |
3,780 | 4,187,635 | ||||||
| South Orange County Public Financing Authority, RB, 5.00%, 06/01/47 |
5,000 | 5,534,566 | ||||||
| West Valley-Mission Community College District, GO |
||||||||
| Series A, 4.00%, 08/01/44 |
9,765 | 9,850,526 | ||||||
| Series B, 5.00%, 08/01/47 |
10,000 | 11,163,899 | ||||||
| Series B, Election 2012, 4.00%, 08/01/34 |
5,160 | 5,227,155 | ||||||
|
|
|
|||||||
| 528,272,414 | ||||||||
| Education — 6.6% | ||||||||
| California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31 |
2,000 | 1,758,015 | ||||||
| California Infrastructure & Economic Development Bank, RB(b) |
||||||||
| 4.13%, 01/01/35 |
980 | 851,139 | ||||||
| Security | Par (000) |
Value | ||||||
| Education (continued) |
||||||||
| California Infrastructure & Economic Development Bank, RB(b) (continued) |
||||||||
| 5.00%, 01/01/55 |
$ | 2,000 | $ | 1,565,185 | ||||
| California Infrastructure & Economic Development Bank, RB, CAB, 0.00%, 01/01/60(c) |
37,500 | 2,582,957 | ||||||
| California Municipal Finance Authority, RB |
||||||||
| 5.50%, 08/01/34(b) |
250 | 250,420 | ||||||
| 5.00%, 06/15/41(b) |
925 | 861,298 | ||||||
| 6.00%, 07/01/44 |
500 | 500,621 | ||||||
| 5.00%, 06/15/51(b) |
1,385 | 1,204,912 | ||||||
| California Municipal Finance Authority, Refunding RB(b) |
||||||||
| 5.00%, 08/01/39 |
1,785 | 1,646,586 | ||||||
| 5.00%, 08/01/48 |
2,140 | 1,839,602 | ||||||
| California Public Finance Authority, RB, Series B, 5.00%, 07/01/26(b) |
190 | 187,179 | ||||||
| California School Finance Authority, RB(b) |
||||||||
| Series A, 5.00%, 06/01/33 |
525 | 534,882 | ||||||
| Series A, 5.00%, 06/01/43 |
525 | 521,775 | ||||||
| Series A, 5.00%, 06/01/49 |
7,105 | 6,574,200 | ||||||
| Series A, 6.00%, 07/01/51 |
1,500 | 1,532,992 | ||||||
| Series A, 5.00%, 06/01/55 |
1,000 | 942,233 | ||||||
| Series A, 5.00%, 06/01/58 |
3,355 | 2,995,399 | ||||||
| Series A, 6.00%, 06/01/59 |
8,925 | 8,383,942 | ||||||
| Series B, 6.00%, 06/01/31 |
735 | 641,184 | ||||||
| California State University, Refunding RB |
||||||||
| Series A, 5.00%, 11/01/43 |
18,000 | 19,453,488 | ||||||
| Series B, 1.67%, 11/01/29 |
9,000 | 7,668,918 | ||||||
| Series B, 1.85%, 11/01/31 |
6,750 | 5,505,551 | ||||||
| Series B, 2.53%, 11/01/33 |
2,580 | 2,128,581 | ||||||
| Series D, 1.69%, 11/01/29 |
5,000 | 4,264,485 | ||||||
| University of California, RB |
||||||||
| 6.30%, 05/15/50 |
3,790 | 3,943,305 | ||||||
| Series AV, 5.25%, 05/15/42 |
12,305 | 13,259,316 | ||||||
| Series BK, 5.00%, 05/15/52 |
12,000 | 13,271,048 | ||||||
| University of California, Refunding RB |
||||||||
| Series AR, 5.00%, 05/15/41 |
5,850 | 6,174,870 | ||||||
| Series AZ, 5.00%, 05/15/43 |
23,800 | 25,547,871 | ||||||
| Series BE, 4.00%, 05/15/50 |
4,140 | 4,196,420 | ||||||
| Series Q, 4.00%, 05/15/41 |
10,300 | 10,715,186 | ||||||
|
|
|
|||||||
| 151,503,560 | ||||||||
| Health — 4.3% | ||||||||
| California Health Facilities Financing Authority, Refunding RB |
||||||||
| Series A, 4.00%, 08/15/40 |
6,750 | 6,989,366 | ||||||
| Series A, 4.00%, 04/01/44 |
1,500 | 1,461,855 | ||||||
| Series A, 4.00%, 08/15/50 |
2,765 | 2,729,613 | ||||||
| Series A-2, 4.00%, 11/01/44 |
16,125 | 15,936,712 | ||||||
| California Municipal Finance Authority, Refunding RB, Series A, Sustainability Bonds, 5.00%, 11/01/39(b) |
980 | 981,361 | ||||||
| California Public Finance Authority, RB, Series A, 5.00%, 07/15/46 |
5,005 | 5,546,119 | ||||||
| California Public Finance Authority, Refunding RB |
||||||||
| Series A, 4.00%, 08/01/47 |
7,000 | 7,077,333 | ||||||
| Series A, 5.00%, 08/01/47 |
8,000 | 8,437,596 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, RB |
||||||||
| Series P, 4.00%, 05/15/43 |
10,000 | 10,255,475 | ||||||
| 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 29, 2024 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Health (continued) |
||||||||
| Regents of the University of California Medical Center Pooled Revenue, |
||||||||
| Series P, 5.00%, 05/15/47 |
$ | 27,500 | $ | 30,466,113 | ||||
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/41 |
8,215 | 8,555,384 | ||||||
|
|
|
|||||||
| 98,436,927 | ||||||||
| Housing — 1.4% | ||||||||
| California Community Housing Agency, RB, M/F Housing(b) |
||||||||
| Series A-1, 3.00%, 02/01/57 |
4,000 | 2,558,662 | ||||||
| Series A-2, 4.00%, 02/01/50 |
1,600 | 1,171,210 | ||||||
| Series A-2, 4.00%, 08/01/51 |
12,660 | 7,542,241 | ||||||
| City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 |
8,914 | 7,043,438 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) |
2,740 | 2,161,877 | ||||||
| CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45(b) |
1,205 | 1,038,649 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
| Mezzanine Lien, 4.00%, 03/01/57 |
500 | 352,809 | ||||||
| Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 |
2,925 | 1,673,820 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
3,850 | 2,329,517 | ||||||
| Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 |
4,580 | 2,951,718 | ||||||
| Sustainability Bonds, 3.13%, 08/01/56 |
1,460 | 1,019,799 | ||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
445 | 315,968 | ||||||
| Sustainability Bonds, 4.00%, 07/01/58 |
1,205 | 827,408 | ||||||
| Series B, Sustainability Bonds, 4.00%, 07/01/58 |
2,450 | 1,619,004 | ||||||
|
|
|
|||||||
| 32,606,120 | ||||||||
| State — 1.3% | ||||||||
| California State Public Works Board, RB, Sustainability Bonds, 4.00%, 11/01/41 |
9,250 | 9,570,257 | ||||||
| State of California, Refunding GO, 5.25%, 10/01/39 |
18,150 | 19,177,045 | ||||||
|
|
|
|||||||
| 28,747,302 | ||||||||
| Tobacco — 1.6% | ||||||||
| California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |
2,595 | 2,479,141 | ||||||
| California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(c) |
7,620 | 1,440,416 | ||||||
| California Statewide Financing Authority, RB(b)(c) |
||||||||
| Series D, 0.00%, 06/01/55 |
20,750 | 1,095,427 | ||||||
| Series L, 0.00%, 06/01/55 |
91,500 | 4,432,255 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
| Class B, (SAP), 2.75%, 06/01/34 |
5,175 | 4,293,123 | ||||||
| Subordinate, 3.85%, 06/01/50 |
5,360 | 5,004,664 | ||||||
| Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(c) |
34,680 | 1,225,329 | ||||||
| Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 |
3,630 | 3,313,308 | ||||||
| Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
12,000 | 12,439,319 | ||||||
|
|
|
|||||||
| 35,722,982 | ||||||||
| Security | Par (000) |
Value | ||||||
| Transportation — 10.2% |
||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32 |
$ | 920 | $ | 918,470 | ||||
| City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/37 |
2,700 | 2,822,588 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/34 |
7,500 | 8,398,417 | ||||||
| Series A, AMT, 5.00%, 05/15/42 |
10,000 | 10,419,023 | ||||||
| Series A, AMT, 5.00%, 05/15/44 |
10,010 | 10,480,093 | ||||||
| Series A, AMT, 5.00%, 05/15/45 |
5,000 | 5,058,240 | ||||||
| Series D, AMT, 5.00%, 05/15/41 |
8,520 | 8,629,473 | ||||||
| AMT, Sustainability Bonds, 5.25%, 05/15/47 |
7,000 | 7,556,247 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB |
||||||||
| AMT, Subordinate, 5.00%, 05/15/35 |
5,425 | 5,872,362 | ||||||
| Series A, AMT, Subordinate, 4.00%, 05/15/44 |
7,040 | 7,076,940 | ||||||
| Port of Los Angeles, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 08/01/44 |
7,345 | 7,362,523 | ||||||
| Series C, Sustainability Bonds, 4.00%, 08/01/39 |
3,570 | 3,630,772 | ||||||
| San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48 |
8,435 | 8,957,705 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, ARB, Series A, AMT, 5.25%, 05/01/42 |
30,000 | 31,363,040 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
| 2nd Series, AMT, 5.00%, 05/01/48 |
10,145 | 10,461,161 | ||||||
| Series A, AMT, 5.00%, 05/01/38 |
10,350 | 10,983,412 | ||||||
| Series A, AMT, 5.00%, 05/01/47 |
35,000 | 35,781,812 | ||||||
| Series B, AMT, 5.00%, 05/01/46 |
29,990 | 30,680,379 | ||||||
| Series D, AMT, 5.00%, 05/01/43 |
16,440 | 17,165,649 | ||||||
| Series D, AMT, 5.25%, 05/01/48 |
3,900 | 4,095,975 | ||||||
| Series E, AMT, 5.00%, 05/01/37 |
4,000 | 4,271,729 | ||||||
|
|
|
|||||||
| 231,986,010 | ||||||||
| Utilities — 21.8% | ||||||||
| California Infrastructure & Economic Development Bank, RB, Sustainability Bonds, 4.00%, 10/01/45(d) |
15,175 | 15,713,932 | ||||||
| City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 |
20,000 | 21,210,255 | ||||||
| City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 5.00%, 06/01/47 |
10,000 | 11,162,674 | ||||||
| City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 |
6,465 | 6,865,661 | ||||||
| City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB |
||||||||
| 4.00%, 11/01/39 |
10,000 | 10,067,778 | ||||||
| Series B, 5.25%, 11/01/48 |
7,935 | 9,172,957 | ||||||
| East Bay Municipal Utility District Water System Revenue, RB |
||||||||
| Series A, 5.00%, 06/01/42 |
29,920 | 31,819,559 | ||||||
| Sustainability Bonds, 5.00%, 06/01/49(d) |
14,500 | 16,282,935 | ||||||
| Series A, Sustainability Bonds, 4.00%, 06/01/45 |
4,885 | 4,975,474 | ||||||
| Eastern Municipal Water District Financing Authority, RB |
||||||||
| Series D, 5.25%, 07/01/42 |
18,500 | 19,865,755 | ||||||
| Series D, 5.00%, 07/01/47 |
35,105 | 36,942,833 | ||||||
| Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 |
4,190 | 4,259,254 | ||||||
| Irvine Ranch Water District Water Service Corp., RB, 5.00%, 03/01/46 |
19,330 | 20,123,208 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) February 29, 2024 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utilities (continued) |
||||||||
| Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.00%, 07/01/46 |
$ | 20,000 | $ | 20,599,083 | ||||
| Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51 |
17,400 | 19,085,724 | ||||||
| Metropolitan Water District of Southern California, RB, Series A, 5.00%, 10/01/51 |
14,000 | 15,327,883 | ||||||
| Metropolitan Water District of Southern California, Refunding RB, Series A, 5.00%, 04/01/48 |
3,255 | 3,669,555 | ||||||
| Modesto Irrigation District, RB |
||||||||
| Series A, 5.25%, 10/01/43 |
6,605 | 7,689,390 | ||||||
| Series A, 5.25%, 10/01/48 |
13,020 | 14,875,321 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45 |
10,015 | 11,135,785 | ||||||
| Sacramento Municipal Utility District, Refunding RB |
||||||||
| Series H, Sustainability Bonds, 4.00%, 08/15/40 |
7,700 | 8,097,166 | ||||||
| Series H, Sustainability Bonds, 4.00%, 08/15/45 |
12,885 | 13,281,133 | ||||||
| San Diego Public Facilities Financing Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/15/38 |
13,595 | 14,427,687 | ||||||
| Series A, 4.00%, 08/01/45 |
4,000 | 4,087,991 | ||||||
| Series B, 5.00%, 08/01/38 |
7,725 | 8,126,502 | ||||||
| Series B, 5.00%, 08/01/39 |
8,735 | 9,187,856 | ||||||
| Series A, Subordinate, 5.00%, 08/01/43 |
7,000 | 7,510,310 | ||||||
| San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series A, 5.00%, 11/01/48 |
7,250 | 8,106,361 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue, RB |
||||||||
| Series B, 5.00%, 10/01/43 |
41,410 | 44,340,003 | ||||||
| Series B, Sustainability Bonds, 1.00%, 10/01/26 |
27,880 | 26,792,918 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB |
||||||||
| Series B, 4.00%, 10/01/42 |
17,010 | 17,018,535 | ||||||
| Series A, Sustainability Bonds, 4.00%, 10/01/43 |
10,000 | 10,081,937 | ||||||
| Series A, Sustainability Bonds, 4.00%, 10/01/47 |
5,000 | 5,057,915 | ||||||
| San Jose Financing Authority, Refunding RB, Series B, Sustainability Bonds, 5.00%, 11/01/52 |
10,000 | 11,184,216 | ||||||
| San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 |
5,205 | 5,317,051 | ||||||
| Santa Clara Valley Water District, Refunding RB, Series A, 5.00%, 06/01/45 |
2,145 | 2,361,777 | ||||||
|
|
|
|||||||
| 495,824,374 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in California |
1,841,999,223 | |||||||
| Illinois — 0.1% |
||||||||
| County/City/Special District/School District — 0.1% | ||||||||
| Chicago Board of Education, GO, 6.14%, 12/01/39 |
2,060 | 1,914,711 | ||||||
|
|
|
|||||||
| Puerto Rico — 5.6% |
||||||||
| State — 4.0% | ||||||||
| Commonwealth of Puerto Rico, GO |
||||||||
| 0.00%, 11/01/51(a) |
23,823 | 10,839,384 | ||||||
| Series A-1, 0.00%, 11/01/43(a) |
17,190 | 10,015,710 | ||||||
| Series A-1, Restructured, 5.63%, 07/01/29 |
5,196 | 5,625,292 | ||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
2,021 | 2,247,982 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/33 |
1,917 | 1,883,699 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/35 |
1,723 | 1,675,374 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/37 |
1,479 | 1,409,147 | ||||||
| Security | Par (000) |
Value | ||||||
| State (continued) |
||||||||
| Commonwealth of Puerto Rico, |
||||||||
| Series A-1, Restructured, 4.00%, 07/01/41 |
$ | 2,011 | $ | 1,867,218 | ||||
| Series A-1, Restructured, 4.00%, 07/01/46 |
2,091 | 1,881,193 | ||||||
| Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c) |
2,467 | 1,579,801 | ||||||
| Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) |
1,086 | 431,779 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
15,728 | 15,606,561 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
5,583 | 5,611,098 | ||||||
| Series A-2, Restructured, 4.54%, 07/01/53 |
114 | 109,359 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
12,102 | 12,011,500 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/29 |
1,117 | 914,546 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
3,239 | 2,251,007 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/46 |
44,873 | 14,581,337 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/46 |
5,761 | 1,871,167 | ||||||
|
|
|
|||||||
| 92,413,154 | ||||||||
| Tobacco — 0.4% | ||||||||
| Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c) |
123,730 | 9,981,554 | ||||||
|
|
|
|||||||
| Utilities(e)(f) — 1.2% | ||||||||
| Puerto Rico Electric Power Authority, RB |
||||||||
| Series A, 5.00%, 07/01/29 |
4,130 | 1,081,554 | ||||||
| Series A, 7.00%, 07/01/33 |
2,230 | 583,987 | ||||||
| Series A, 6.75%, 07/01/36 |
7,630 | 1,998,124 | ||||||
| Series A, 5.00%, 07/01/42 |
6,125 | 1,603,999 | ||||||
| Series A, 7.00%, 07/01/43 |
955 | 250,093 | ||||||
| Series A-3, 10.00%, 07/01/24 |
2,137 | 559,504 | ||||||
| Series B-3, 10.00%, 07/01/24 |
2,137 | 559,504 | ||||||
| Series C-1, 5.40%, 02/01/24 |
5,870 | 1,537,207 | ||||||
| Series C-2, 5.40%, 07/01/24 |
5,871 | 1,537,455 | ||||||
| Series C-3, 5.40%, 01/01/20 |
593 | 155,412 | ||||||
| Series C-4, 5.40%, 07/01/24 |
593 | 155,412 | ||||||
| Series CCC, 5.25%, 07/01/26 |
1,680 | 439,954 | ||||||
| Series CCC, 5.25%, 07/01/28 |
955 | 250,093 | ||||||
| Series D-4, 7.50%, 07/01/24 |
4,342 | 1,137,146 | ||||||
| Series TT, 5.00%, 07/01/25 |
480 | 125,701 | ||||||
| Series TT, 5.00%, 07/01/26 |
1,285 | 336,512 | ||||||
| Series WW, 5.38%, 07/01/24 |
875 | 229,143 | ||||||
| Series WW, 5.50%, 07/01/24 |
3,405 | 891,692 | ||||||
| Series WW, 5.25%, 07/01/33 |
885 | 231,761 | ||||||
| Series WW, 5.50%, 07/01/38 |
1,170 | 306,396 | ||||||
| Series XX, 5.25%, 07/01/27 |
645 | 168,911 | ||||||
| Series XX, 5.25%, 07/01/35 |
400 | 104,751 | ||||||
| Series XX, 5.75%, 07/01/36 |
555 | 145,342 | ||||||
| Series XX, 5.25%, 07/01/40 |
11,490 | 3,008,971 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB |
||||||||
| Series AAA, 5.25%, 07/01/24 |
2,150 | 563,036 | ||||||
| Series AAA, 5.25%, 07/01/27 |
6,540 | 1,712,678 | ||||||
| Series AAA, 5.25%, 07/01/28 |
4,690 | 1,228,205 | ||||||
| Series AAA, 5.25%, 07/01/29 |
530 | 138,795 | ||||||
| Series BBB, 5.40%, 07/01/28 |
2,805 | 734,566 | ||||||
| Series UU, 0.00%, 07/01/24(a) |
750 | 196,408 | ||||||
| Series UU, 4.45%, 07/01/31(a) |
3,765 | 985,968 | ||||||
| Series UU, 0.00%, 07/01/49(a) |
3,175 | 831,461 | ||||||
| Series YY, 6.13%, 07/01/40 |
4,060 | 1,063,222 | ||||||
| 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 29, 2024 |
BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utilities (continued) | ||||||||
| Puerto Rico Electric Power Authority, Refunding RB (continued) |
||||||||
| Series ZZ, 5.25%, 07/01/24 |
$ | 1,990 | $ | 521,136 | ||||
| Series ZZ, 5.00%, 07/01/27 |
925 | 242,237 | ||||||
| Series ZZ, 5.00%, 07/01/28 |
990 | 259,259 | ||||||
| Series ZZ, 5.25%, 07/04/50 |
2,945 | 771,229 | ||||||
|
|
|
|||||||
| 26,646,824 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Puerto Rico |
129,041,532 | |||||||
|
|
|
|||||||
| Total Municipal Bonds — 86.6% |
1,972,955,466 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
| California — 2.8% | ||||||||
| Utilities — 2.8% | ||||||||
| Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46 |
35,325 | 39,231,658 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50 |
23,620 | 25,664,237 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in California |
64,895,895 | |||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.8% |
64,895,895 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 89.5% |
2,039,226,073 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 6.8% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.97%(h)(i) |
153,774,481 | 153,789,858 | ||||||
|
|
|
|||||||
| Security |
Par (000) |
Value | ||||||
| U.S. Treasury Obligations — 3.9% | ||||||||
| U.S. Treasury Bills(j) |
||||||||
| 5.40%, 04/09/24 |
$ | 50,000 | $ | 49,713,188 | ||||
| 5.16%, 08/01/24 |
40,000 | 39,128,013 | ||||||
|
|
|
|||||||
| 88,841,201 | ||||||||
|
|
|
|||||||
| Total Short-Term Securities — 10.7% |
242,631,059 | |||||||
|
|
|
|||||||
| Total Investments — 100.2% |
2,281,857,132 | |||||||
| Other Assets Less Liabilities — 1.1% |
|
25,007,000 | ||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.3)% |
|
(29,663,935 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
|
$ | 2,277,200,197 | |||||
|
|
|
|||||||
| (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) | 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. |
| (c) | Zero-coupon bond. |
| (d) | When-issued security. |
| (e) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Non-income producing security. |
| (g) | 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. |
| (h) | Affiliate of the Fund. |
| (i) | Annualized 7-day yield as of period end. |
| (j) | Rates are discount rates or a range of discount rates 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 29, 2024 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 Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds California Money Fund, Institutional Class(a) |
$ | 295,902,305 | $ | — | $ | (295,949,462 | )(b) | $ | 66,390 | $ | (19,233 | ) | $ | — | — | $ | 3,149,980 | $ | — | |||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
— | 153,789,858 | (b) | — | — | — | 153,789,858 | 153,774,481 | 309,568 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 66,390 | $ | (19,233 | ) | $ | 153,789,858 | $ | 3,459,548 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| 5 |
| Schedule of Investments (unaudited) (continued) February 29, 2024 |
BlackRock California Municipal Opportunities Fund |
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 |
$ | — | $ | 1,374,712 | $ | — | $ | 1,374,712 | ||||||||
| Municipal Bonds |
— | 1,972,955,466 | — | 1,972,955,466 | ||||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 64,895,895 | — | 64,895,895 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
153,789,858 | — | — | 153,789,858 | ||||||||||||
| U.S. Treasury Obligations |
— | 88,841,201 | — | 88,841,201 | ||||||||||||
| Unfunded Commitments(a) |
— | — | 20,473,389 | 20,473,389 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 153,789,858 | $ | 2,128,067,274 | $ | 20,473,389 | $ | 2,302,330,521 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
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 $29,469,983 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 | |
| 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 | |
Portfolio Abbreviation (continued)
| 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 | 6 |