NPORT-EX 2 NPORT_LCP2_14825345_0224.htm BlackRock California Municipal Opportunities Fund

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%
(Cost: $2,100,000)

       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,
RB (continued)

    

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,
GO (continued)

    

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%
(Cost: $2,026,870,791)

       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%
(Cost: $67,945,756)

       64,895,895  
   

 

 

  

Total Long-Term Investments — 89.5%
(Cost: $2,096,916,547)

        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%
(Cost: $242,665,282)

       242,631,059  
   

 

 

  

Total Investments — 100.2%
(Cost: $2,339,581,829)

       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