Schedule of Investments (unaudited) February 28, 2021 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds | ||||||||
Education — 0.0% | ||||||||
University of Southern California, 3.03%, 10/01/39 | $ | 650 | $ | 680,399 | ||||
|
| |||||||
Tobacco — 0.2% | ||||||||
Altria Group, Inc., 3.70%, 02/04/51 | 7,915 | 7,400,182 | ||||||
|
| |||||||
Total Corporate Bonds — 0.2% |
| 8,080,581 | ||||||
|
| |||||||
Municipal Bonds | ||||||||
California — 78.7% | ||||||||
Corporate — 0.0% | ||||||||
City of Chula Vista CA, RB, 1.41%, 06/01/28 | 1,400 | 1,378,496 | ||||||
|
| |||||||
County/City/Special District/School District — 33.4% | ||||||||
Butte-Glenn Community College District, GO, Series A, Election 2016, 5.25%, 08/01/46 | 12,360 | 15,203,294 | ||||||
California Statewide Communities Development Authority, SAB | ||||||||
Series A, 5.00%, 09/02/39 | 1,375 | 1,595,261 | ||||||
Series A, 5.00%, 09/02/44 | 675 | 762,750 | ||||||
Series A, 5.00%, 09/02/48 | 675 | 755,669 | ||||||
Cerritos Community College District, GO, Series A, 4.00%, 08/01/44 | 36,455 | 39,607,628 | ||||||
Chaffey Community College District GO, Series A, 3.00%, 06/01/37 | 2,500 | 2,700,600 | ||||||
City & County of San Francisco CA, GO | ||||||||
Series D-1, 4.00%, 06/15/44 | 4,970 | 5,711,126 | ||||||
Series D-1, 4.00%, 06/15/45 | 5,165 | 5,862,895 | ||||||
City & County of San Francisco California Community Facilities District No. 2014-1, ST | ||||||||
Series B, 3.78%, 09/01/30 | 1,110 | 1,241,402 | ||||||
Series B, 3.92%, 09/01/31 | 3,410 | 3,828,680 | ||||||
Series B, 3.97%, 09/01/32 | 1,880 | 2,108,834 | ||||||
Series B, 4.02%, 09/01/33 | 2,070 | 2,320,097 | ||||||
City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/42 | 8,000 | 8,889,360 | ||||||
City & County of San Francisco GOL, Series D-1, 4.00%, 06/15/37 | 2,295 | 2,685,540 | ||||||
City & County of San Francisco, GO, Series D-1, 4.00%, 06/15/41 | 1,655 | 1,906,378 | ||||||
City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31 | 3,800 | 3,816,948 | ||||||
City of Los Angeles California, RB, 4.00%, 06/24/21 | 64,000 | 64,769,920 | ||||||
City of San Jose California Hotel Tax Revenue, RB, 6.50%, 05/01/42 | 2,395 | 2,416,196 | ||||||
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(a) | 26,425 | 22,625,613 | ||||||
County of Los Angeles California, RB, Series A, 4.00%, 06/30/21 | 81,000 | 82,018,170 | ||||||
County of Santa Clara California, GO, Series B, Election 2008, 4.00%, 08/01/42 | 14,995 | 15,659,129 | ||||||
Fremont Unified School District/Alameda County California, GO, Series A, 4.00%, 08/01/46 | 66,330 | 71,615,174 | ||||||
Fremont Union High School District, GO | 36,730 | 40,092,999 | ||||||
Series A, 4.00%, 08/01/46 | 9,000 | 10,260,540 | ||||||
Glendale Community College District, GO, Series A, Election 2016, 5.25%, 08/01/41 | 10,450 | 12,917,663 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Grossmont-Cuyamaca Community College District, GO, Series B, Election 2012, 5.00%, 08/01/44 | $ | 30,215 | $ | 38,172,725 | ||||
Hacienda La Puente Unified School District, GO, Series A, Election 2016, 5.25%, 08/01/42 | 5,000 | 6,168,750 | ||||||
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 | 15,570 | 18,637,134 | ||||||
Los Altos Elementary School District, Refunding GO, Series A-1, Election 2014, 4.00%, 08/01/44 | 5,000 | 5,611,500 | ||||||
Los Angeles Community College District, GO | 2,590 | 2,617,480 | ||||||
Series K, 4.00%, 08/01/36 | 4,125 | 4,733,025 | ||||||
Series K, Election 2008, 4.00%, 08/01/37 | 10,000 | 11,397,200 | ||||||
Series K, Election 2008, 4.00%, 08/01/38 | 20,000 | 22,791,200 | ||||||
Series K, Election 2008, 4.00%, 08/01/39 | 20,000 | 22,689,200 | ||||||
Los Angeles County Metropolitan Transportation Authority, RB, 4.00%, 06/01/37 | 1,475 | 1,766,018 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/37 | 19,235 | 23,602,114 | ||||||
Series A, 5.00%, 07/01/44 | 25,885 | 32,035,535 | ||||||
Marin Healthcare District, GO, Series A, Election 2013, 5.00%, 08/01/41 | 21,670 | 26,727,561 | ||||||
Menifee Union School District, GO, Series A, 5.25%, 08/01/42 | 7,275 | 8,934,428 | ||||||
Mount San Antonio Community College District GO, Series 2018-A, Election 2018, 4.00%, 08/01/49 | 10,200 | 11,775,084 | ||||||
Mount San Antonio Community College District, Refunding GO, Series A, Election 2018, 5.00%, 08/01/44 | 11,000 | 13,836,240 | ||||||
Mountain View-Whisman School District, GO, Series B, Election 2012, 4.00%, 09/01/42 | 12,000 | 13,545,600 | ||||||
Orange County Local Transportation Authority, RB, 5.00%, 02/15/40 | 5,000 | 6,292,600 | ||||||
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 3,000 | 3,714,090 | ||||||
Pomona Redevelopment Agency Successor Agency, Refunding TA, 3.98%, 02/01/27 | 4,155 | 4,637,437 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45 | 11,210 | 13,083,303 | ||||||
San Diego Community College District, Refunding GO, 5.00%, 08/01/41 | 20,000 | 23,909,200 | ||||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 3.00%, 10/01/22(b) | 27,500 | 28,647,025 | ||||||
San Diego Unified School District, GO, Series L-2, 4.00%, 07/01/39(b) | 3,680 | 4,328,342 | ||||||
San Francisco Bay Area Rapid Transit District, GO | ||||||||
Series C-1, 3.00%, 08/01/50 | 12,000 | 12,546,120 | ||||||
Series A, Election 2016, 5.00%, 08/01/47 | 8,980 | 10,825,749 | ||||||
San Francisco Bay Area Rapid Transit District, Refunding GO, Series D, Election 2004, 4.00%, 08/01/35 | 5,985 | 6,742,222 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA | ||||||||
Series D, 3.13%, 08/01/28 | 1,150 | 1,230,857 | ||||||
Series D, 3.25%, 08/01/29 | 1,000 | 1,068,830 | ||||||
Series D, 3.38%, 08/01/30 | 1,250 | 1,334,988 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, Series D, | 1,000 | 903,120 |
1 |
|
Schedule of Investments (unaudited) (continued) February 28, 2021 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(a)(c) | $ | 3,000 | $ | 1,821,600 | ||||
San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR MBIA), 5.75%, 08/01/37 | 7,500 | 9,949,575 | ||||||
San Francisco Unified School District, RB, 2.00%, 12/31/21(b) | 40,000 | 40,595,600 | ||||||
San Joaquin County Transportation Authority, Refunding RB, 5.00%, 03/01/41 | 17,955 | 21,497,701 | ||||||
San Jose Evergreen Community College District, GO, Series C, Election 2010, 4.13%, 09/01/24(d) | 18,435 | 20,823,992 | ||||||
San Jose Financing Authority, RB, 5.75%, 05/01/42 | 2,010 | 2,027,467 | ||||||
San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29 | 8,730 | 9,603,262 | ||||||
San Jose Unified School District, GO, CAB, Series C, (NPFGC), 0.00%, 06/01/31(a) | 25,000 | 21,053,750 | ||||||
San Leandro Unified School District, GO, Series A, Election 2010, 5.75%, 08/01/41 | 5,000 | 5,105,500 | ||||||
San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45 | 32,650 | 40,344,299 | ||||||
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/35 | 6,975 | 8,188,650 | ||||||
Santa Monica Community College District, GO, Series B, Election 2008, 4.00%, 08/01/24(d) | 40,015 | 44,927,642 | ||||||
Vista Joint Powers Financing Authority, Refunding RB, 5.25%, 05/01/37 | 15,065 | 17,709,058 | ||||||
|
| |||||||
1,049,324,639 | ||||||||
Education — 6.2% | ||||||||
California Educational Facilities Authority, RB | ||||||||
Series A, 3.43%, 04/01/30 | 1,000 | 1,047,830 | ||||||
Series A, 3.56%, 04/01/31 | 2,000 | 2,095,900 | ||||||
California Infrastructure & Economic Development Bank, RB(c) | ||||||||
Series A, 4.13%, 01/01/35 | 1,010 | 1,022,019 | ||||||
Series A, 5.00%, 01/01/55 | 2,300 | 2,423,349 | ||||||
Series A-2, 5.00%, 01/01/24 | 850 | 850,671 | ||||||
Series A, AMT, 0.45%, 01/01/50(e) | 50,000 | 49,981,500 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB(a) | ||||||||
0.00%, 01/01/35 | 2,750 | 1,195,892 | ||||||
0.00%, 01/01/60 | 37,500 | 3,298,875 | ||||||
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 1.84%, 10/01/31 | 1,100 | 1,090,045 | ||||||
California Municipal Finance Authority | 925 | 973,664 | ||||||
5.00%, 06/15/51 | 1,385 | 1,431,301 | ||||||
California Municipal Finance Authority, RB | 500 | 537,070 | ||||||
Series A, 5.50%, 08/01/34(c) | 300 | 319,014 | ||||||
Series A, AMT, 4.00%, 07/15/29 | 6,605 | 7,327,983 | ||||||
California Municipal Finance Authority, Refunding RB | 1,785 | 1,869,395 | ||||||
5.00%, 08/01/48 | 2,140 | 2,178,413 | ||||||
Series A, 5.00%, 11/01/39(c) | 980 | 1,098,355 | ||||||
Series A, 5.00%, 11/01/49(c) | 1,105 | 1,216,373 | ||||||
California Public Finance Authority, RB(c) | ||||||||
Series A, 5.00%, 07/01/36 | 385 | 393,778 | ||||||
Series A, 5.00%, 07/01/44 | 375 | 380,089 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
California Public Finance Authority, RB(c) (continued) | ||||||||
Series A, 5.00%, 07/01/54 | $ | 520 | $ | 507,868 | ||||
Series B, 5.00%, 07/01/26 | 265 | 264,263 | ||||||
California School Finance Authority, RB(c) | 1,420 | 1,532,137 | ||||||
5.00%, 06/01/50 | 2,240 | 2,342,323 | ||||||
5.00%, 06/01/59 | 3,565 | 3,703,286 | ||||||
Series A, 5.00%, 06/01/33 | 525 | 579,989 | ||||||
Series A, 5.00%, 06/01/43 | 525 | 565,168 | ||||||
Series A, 5.00%, 06/01/49 | 7,105 | 7,582,172 | ||||||
Series A, 6.00%, 07/01/51 | 1,500 | 1,657,155 | ||||||
Series A, 5.00%, 06/01/55 | 1,000 | 1,045,140 | ||||||
Series A, 5.00%, 06/01/58 | 3,355 | 3,558,716 | ||||||
Series A, 6.00%, 06/01/59 | 8,925 | 9,704,777 | ||||||
Series B, 6.00%, 06/01/31 | 735 | 697,192 | ||||||
California State University, RB, Series D, 1.69%, 11/01/29 | 5,000 | 4,945,150 | ||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/41 | 10,000 | 11,726,100 | ||||||
Hastings Campus Housing Finance Authority, RB, Series A, 5.00%, 07/01/61 | 15,170 | 16,793,190 | ||||||
University of California, RB | ||||||||
Series AV, 5.25%, 05/15/42 | 12,220 | 15,062,739 | ||||||
Series Q, 5.00%, 05/15/46(b) | 22,320 | 27,865,404 | ||||||
University of California, RB, BAB, 6.30%, 05/15/50 | 3,790 | 5,004,960 | ||||||
|
| |||||||
195,869,245 | ||||||||
Health — 2.7% | ||||||||
California Health Facilities Financing Authority Refunding RB, Series A, 4.00%, 04/01/44 | 12,215 | 13,935,727 | ||||||
California Health Facilities Financing Authority, RB | ||||||||
Series A, 5.00%, 11/15/36 | 2,755 | 3,369,806 | ||||||
Series A, 5.00%, 11/15/40 | 20,220 | 20,861,783 | ||||||
Series A, 5.25%, 11/01/41 | 7,000 | 7,220,500 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 11/15/38 | 15,050 | 18,328,191 | ||||||
Series A, 4.00%, 11/15/40 | 5,140 | 5,833,848 | ||||||
Series A, 4.00%, 08/15/50 | 1,025 | 1,168,551 | ||||||
Sub-Series A-2, 4.00%, 11/01/38 | 4,000 | 4,572,280 | ||||||
California Statewide Communities Development Authority, RB, 5.00%, 06/01/51(c) | 1,035 | 1,139,090 | ||||||
California Statewide Communities Development Authority, Refunding RB(c) | ||||||||
Series A, 5.00%, 06/01/36 | 2,900 | 3,172,687 | ||||||
Series A, 5.00%, 06/01/46 | 4,100 | 4,398,603 | ||||||
|
| |||||||
84,001,066 | ||||||||
Housing(c) — 0.2% | ||||||||
California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49 | 2,630 | 2,972,216 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing, Series A, 5.00%, 07/01/51 | 4,070 | 4,785,506 | ||||||
|
| |||||||
7,757,722 | ||||||||
State — 2.9% | ||||||||
California State Public Works Board, RB | ||||||||
Series C, 5.00%, 11/01/44 | 28,895 | 36,086,099 | ||||||
Series I, 5.25%, 11/01/32 | 1,115 | 1,254,185 | ||||||
Series I, 5.50%, 11/01/33 | 2,315 | 2,617,941 | ||||||
California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/33 | 10,000 | 12,117,600 |
S C H E D U L E O F I N V E S T M E N T S | 2 |
Schedule of Investments (unaudited) (continued) February 28, 2021 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
State of California GO, 5.00%, 10/01/39 | $ | 11,280 | $ | 14,330,338 | ||||
State of California, Refunding GO | 5,000 | 5,970,150 | ||||||
5.00%, 11/01/39 | 15,000 | 18,730,200 | ||||||
|
| |||||||
91,106,513 | ||||||||
Tobacco — 3.5% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | ||||||||
5.00%, 06/01/50 | 1,145 | 1,316,658 | ||||||
Series A, 5.00%, 06/01/36 | 2,410 | 2,433,979 | ||||||
Series A, 5.00%, 06/01/47 | 2,595 | 2,620,690 | ||||||
Series A, 4.00%, 06/01/49 | 1,540 | 1,749,086 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(a) | 15,770 | 2,977,376 | ||||||
California Statewide Financing Authority RB, Series D, 0.00%, 06/01/55(a)(c) | 16,500 | 862,785 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.00%, 06/01/47 | 12,125 | 12,545,374 | ||||||
Series A-2, 5.00%, 06/01/47 | 55,680 | 57,610,426 | ||||||
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 | 5,460 | 5,647,879 | ||||||
Silicon Valley Tobacco Securitization Authority, RB, | 29,500 | 2,748,515 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 15,670 | 18,797,118 | ||||||
|
| |||||||
109,309,886 | ||||||||
Transportation — 12.6% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/34 | 8,075 | 9,387,026 | ||||||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, RB, Series B, 5.56%, 07/01/32 | 1,000 | 1,157,470 | ||||||
City of Long Beach California Harbor Revenue, RB, Series A, 5.00%, 05/15/44 | 10,000 | 12,154,000 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series A, AMT, 5.00%, 05/15/40 | 6,615 | 7,615,188 | ||||||
Sub-Series A, AMT, 5.00%, 05/15/42 | 10,100 | 11,672,065 | ||||||
City of Los Angeles Department of Airports, RB | ||||||||
Series A, AMT, 5.00%, 05/15/42 | 23,725 | 27,891,822 | ||||||
Series B, AMT, 5.00%, 05/15/41 | 18,710 | 21,660,380 | ||||||
Series D, AMT, 5.00%, 05/15/41 | 8,850 | 10,148,472 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, 5.00%, 05/15/46 | 15,550 | 19,325,851 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
Series A, 5.00%, 05/15/36 | 11,260 | 14,469,888 | ||||||
Series A, 5.00%, 05/15/38 | 7,230 | 9,210,875 | ||||||
Subordinate, AMT, 5.00%, 05/15/39 | 9,225 | 11,264,002 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42 | 10,000 | 12,157,800 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB | ||||||||
Series A, AMT, 5.00%, 03/01/41 | 20,000 | 23,360,600 | ||||||
Series A-1, AMT, 5.75%, 03/01/34 | 6,720 | 6,736,061 | ||||||
Series A-1, AMT, 6.25%, 03/01/34 | 2,920 | 2,927,680 |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 05/01/40 | $ | 14,000 | $ | 15,748,180 | ||||
Series A, AMT, 5.00%, 05/01/42 | 29,480 | 34,612,763 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 10,125 | 11,282,186 | ||||||
Series A, AMT, 5.00%, 05/01/49 | 10,000 | 11,968,700 | ||||||
Series B, AMT, 5.00%, 05/01/41 | 23,960 | 27,737,533 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB | ||||||||
Series 2020, AMT, 4.00%, 05/01/39 | 2,250 | 2,577,577 | ||||||
Series A, AMT, 5.00%, 05/01/39 | 5,125 | 5,768,854 | ||||||
Series A, AMT, 5.25%, 05/01/42 | 40,370 | 48,123,462 | ||||||
Series E, AMT, 5.00%, 05/01/38 | 9,025 | 11,027,918 | ||||||
San Francisco Municipal Transportation Agency, RB(b) | ||||||||
Series C, 4.00%, 03/01/46 | 18,000 | 20,555,100 | ||||||
Series C, 5.00%, 03/01/51 | 5,715 | 7,116,604 | ||||||
|
| |||||||
397,658,057 | ||||||||
Utilities — 17.2% | ||||||||
California Statewide Communities Development Authority Refunding RB, 1.68%, 02/01/29 | 1,000 | 981,730 | ||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | 20,000 | 24,173,200 | ||||||
City of Los Angeles California Wastewater System Revenue, Refunding RB | ||||||||
Series A, 5.00%, 06/01/43 | 10,000 | 12,170,600 | ||||||
Series C, 5.00%, 06/01/35 | 4,520 | 5,336,267 | ||||||
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 | 6,465 | 7,853,488 | ||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A, 4.00%, 11/01/30 | 19,910 | 23,334,719 | ||||||
East Bay Municipal Utility District Water System Revenue, RB, Series A, 4.00%, 06/01/45 | 4,885 | 5,568,070 | ||||||
East Bay Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 06/01/37 | 7,160 | 8,384,861 | ||||||
Eastern Municipal Water District Financing Authority, RB, Series D, 5.25%, 07/01/42 | 18,500 | 22,821,970 | ||||||
Los Angeles Department of Water, Refunding RB | ||||||||
Series A, 5.00%, 07/01/41 | 59,070 | 70,420,205 | ||||||
Series A, 5.25%, 07/01/44 | 10,650 | 12,894,487 | ||||||
Metropolitan Water District of Southern California, RB | ||||||||
Series A, 5.00%, 07/01/40 | 16,105 | 19,013,724 | ||||||
Series A, 5.00%, 10/01/51 | 5,000 | 6,468,350 | ||||||
Metropolitan Water District of Southern California, Refunding RB | 7,000 | 8,792,770 | ||||||
Series A, 5.00%, 10/01/35 | 5,000 | 5,251,100 | ||||||
Northern California Power Agency, RB, Series A, 7.31%, 06/01/40 | 2,150 | 3,176,926 | ||||||
Sacramento Municipal Utility District, RB | ||||||||
Series G, 5.00%, 08/15/38 | 22,390 | 28,599,643 | ||||||
Series G, 5.00%, 08/15/41 | 20,000 | 25,387,000 | ||||||
San Diego County Water Authority, Refunding RB, Series B, 5.00%, 05/01/38 | 20,405 | 24,444,986 | ||||||
San Diego Public Facilities Financing Authority Refunding RB | ||||||||
Series A, 4.00%, 08/01/39 | 2,515 | 2,975,572 |
3 |
|
Schedule of Investments (unaudited) (continued) February 28, 2021 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
San Diego Public Facilities Financing Authority Refunding RB (continued) | ||||||||
Series A, 4.00%, 08/01/40 | $ | 2,000 | $ | 2,354,680 | ||||
Series A, 3.00%, 08/01/49 | 8,000 | 8,490,560 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/36 | 5,000 | 6,050,400 | ||||||
Series A, 5.00%, 05/15/38 | 13,595 | 16,394,618 | ||||||
Series B, 5.00%, 08/01/38 | 16,460 | 19,629,538 | ||||||
Series A, Subordinate, 5.00%, 08/01/43 | 33,820 | 41,977,722 | ||||||
Series A, Subordinate, 5.25%, 08/01/47 | 15,180 | 19,037,693 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 4.00%, 10/01/42 | 17,010 | 17,917,654 | ||||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 | 7,250 | 8,373,315 | ||||||
Southern California Public Power Authority, Refunding RB, 5.00%, 07/01/30 | 41,400 | 46,569,618 | ||||||
State of California Department of Water Resources RB, Series BB, 5.00%, 12/01/35 | 2,000 | 2,666,560 | ||||||
State of California Department of Water Resources, Refunding RB | ||||||||
Series AW, 4.00%, 12/01/34 | 24,000 | 27,808,800 | ||||||
Series BC, 1.32%, 12/01/28 | 4,000 | 3,951,440 | ||||||
|
| |||||||
539,272,266 | ||||||||
|
| |||||||
Total Municipal Bonds in California |
| 2,475,677,890 | ||||||
Connecticut — 0.2% | ||||||||
Corporate — 0.2% | ||||||||
Mashantucket Western Pequot Tribe, (6.35% Cash or 1.00% PIK), 7.35%, 07/01/26(f)(g)(h) | 36,909 | 5,536,365 | ||||||
|
| |||||||
Illinois — 1.3% | ||||||||
County/City/Special District/School District — 1.3% | ||||||||
Chicago Board of Education, GO, 6.32%, 11/01/29 | 3,650 | 4,408,543 | ||||||
Chicago Board of Education, GO, BAB | 7,590 | 8,863,830 | ||||||
6.14%, 12/01/39 | 13,850 | 16,489,117 | ||||||
6.52%, 12/01/40 | 8,075 | 9,979,812 | ||||||
|
| |||||||
Total Municipal Bonds in Illinois | 39,741,302 | |||||||
Puerto Rico — 8.7% | ||||||||
State — 4.9% | ||||||||
Commonwealth of Puerto Rico, GO(f)(g) | ||||||||
Series A, 5.25%, 07/01/22 | 940 | 817,985 | ||||||
Series A, 5.25%, 07/01/26 | 330 | 287,165 | ||||||
Series A, 5.13%, 07/01/31 | 3,340 | 2,906,458 | ||||||
Series A, 5.38%, 07/01/33 | 1,025 | 891,952 | ||||||
Series A, 6.00%, 07/01/38 | 1,630 | 1,422,423 | ||||||
Commonwealth of Puerto Rico, Refunding GO(f)(g) | 470 | 409,488 | ||||||
Series A, 5.50%, 07/01/18 | 1,025 | 893,031 | ||||||
Series A, 5.50%, 07/01/32 | 1,170 | 1,018,131 | ||||||
Series A, 6.00%, 07/01/34 | 955 | 803,527 | ||||||
Series A, 8.00%, 07/01/35 | 27,405 | 21,207,277 | ||||||
Series A, 5.50%, 07/01/39 | 8,805 | 7,192,778 | ||||||
Series A, 5.00%, 07/01/41 | 10,546 | 8,193,113 | ||||||
Series B, 6.00%, 07/01/39 | 3,970 | 3,464,428 | ||||||
Series C, 6.00%, 07/01/39 | 470 | 410,146 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Commonwealth of Puerto Rico, Refunding GO(f)(g) (continued) | $ | 1,110 | $ | 921,038 | ||||
Puerto Rico Public Buildings Authority, Refunding RB(f)(g) | ||||||||
Series F, (GTD), 5.25%, 07/01/24 | 500 | 481,106 | ||||||
Series M-2, (GTD), 10.00%, 07/01/34 | 1,045 | 877,800 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 31,268 | 33,980,812 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 11,287 | 12,438,725 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 11,004 | 11,709,808 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 114 | 122,469 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 12,102 | 13,289,569 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(a) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 1,117 | 915,080 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 | 1,330 | 1,007,754 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 1,909 | 1,340,710 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 86,260 | 26,394,697 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 5,761 | 1,759,928 | ||||||
|
| |||||||
155,157,398 | ||||||||
Tobacco(a) — 0.5% | ||||||||
Children’s Trust Fund, RB | ||||||||
Series A, 0.00%, 05/15/57 | 150,000 | 10,254,000 | ||||||
Series B, 0.00%, 05/15/57 | 97,000 | 5,145,850 | ||||||
|
| |||||||
15,399,850 | ||||||||
Utilities — 3.3% | ||||||||
Puerto Rico Electric Power Authority,, 3rd Series, 5.40%, 01/01/21(e)(f)(g) | 593 | 536,675 | ||||||
Puerto Rico Electric Power Authority, RB | ||||||||
Series A, 5.00%, 07/01/29(f)(g) | 4,130 | 3,734,875 | ||||||
Series A, 7.00%, 07/01/33(f)(g) | 2,230 | 2,079,475 | ||||||
Series A, 6.75%, 07/01/36(f)(g) | 7,630 | 7,114,975 | ||||||
Series A, 5.00%, 07/01/42(f)(g) | 8,830 | 7,985,216 | ||||||
Series A, 7.00%, 07/01/43(f)(g) | 955 | 890,538 | ||||||
Series A-3, 10.00%, 07/01/19(f)(g) | 2,137 | 2,052,047 | ||||||
Series B-3, 10.00%, 07/01/19(f)(g) | 2,137 | 2,052,047 | ||||||
Series C-1, 5.40%, 01/01/18(f)(g) | 5,870 | 5,308,358 | ||||||
Series C-2, 5.40%, 07/01/18(f)(g) | 5,871 | 5,309,217 | ||||||
Series C-4, 5.40%, 07/01/20(f)(g) | 593 | 536,675 | ||||||
Series CCC, 5.25%, 07/01/26(f)(g) | 1,680 | 1,519,271 | ||||||
Series CCC, 5.25%, 07/01/28(f)(g) | 955 | 863,633 | ||||||
Series D-4, 7.50%, 07/01/20 | 1,638 | 1,527,435 | ||||||
Series TT, 5.00%, 07/01/25(f)(g) | 480 | 434,077 | ||||||
Series TT, 5.00%, 07/01/26(f)(g) | 1,285 | 1,162,062 | ||||||
Series TT, 5.00%, 07/01/32(f)(g) | 1,075 | 972,153 | ||||||
Series WW, 5.50%, 07/01/19(f)(g) | 2,470 | 2,233,690 | ||||||
Series WW, 5.38%, 07/01/22(f)(g) | 1,250 | 1,130,410 | ||||||
Series WW, 5.38%, 07/01/24(f)(g) | 875 | 791,287 | ||||||
Series WW, 5.25%, 07/01/33(f)(g) | 885 | 800,330 | ||||||
Series WW, 5.50%, 07/01/38(f)(g) | 1,170 | 1,058,064 | ||||||
Series WW, 5.50%, 07/01/49(f)(g) | 935 | 845,547 | ||||||
Series XX, 5.25%, 07/01/27(f)(g) | 645 | 583,292 | ||||||
Series XX, 5.25%, 07/01/35(f)(g) | 400 | 361,731 | ||||||
Series XX, 5.75%, 07/01/36(f)(g) | 555 | 501,902 | ||||||
Series XX, 5.25%, 07/01/40(f)(g) | 11,490 | 10,390,729 |
S C H E D U L E O F I N V E S T M E N T S | 4 |
Schedule of Investments (unaudited) (continued) February 28, 2021 | 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(f)(g) | ||||||||
Series AAA, 5.25%, 07/01/22 | $ | 2,150 | $ | 1,944,305 | ||||
Series AAA, 5.25%, 07/01/24 | 480 | 434,077 | ||||||
Series AAA, 5.25%, 07/01/26 | 1,840 | 1,663,964 | ||||||
Series AAA, 5.25%, 07/01/27 | 6,540 | 5,914,305 | ||||||
Series AAA, 5.25%, 07/01/28 | 4,690 | 4,241,298 | ||||||
Series AAA, 5.25%, 07/01/29 | 530 | 479,294 | ||||||
Series BBB, 5.40%, 07/01/28 | 2,805 | 2,536,640 | ||||||
Series UU, 1.00%, 07/01/19(e) | 355 | 289,325 | ||||||
Series UU, 1.16%, 07/01/19(e) | 395 | 321,925 | ||||||
Series UU, 1.00%, 07/01/20(e) | 3,175 | 2,651,795 | ||||||
Series UU, 0.86%, 07/01/31(e) | 3,765 | 3,144,569 | ||||||
Series ZZ, 5.25%, 07/01/19 | 2,945 | 2,663,246 | ||||||
Series ZZ, 5.25%, 07/01/21 | 3,590 | 3,246,538 | ||||||
Series ZZ, 5.25%, 07/01/24 | 1,990 | 1,799,613 | ||||||
Series ZZ, 5.25%, 07/01/26 | 4,335 | 3,920,262 | ||||||
Series ZZ, 5.00%, 07/01/28 | 990 | 895,285 | ||||||
Series ZZ, 5.00%, 07/01/49 | 925 | 836,503 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(f)(g) | 4,060 | 3,671,572 | ||||||
|
| |||||||
103,430,227 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 273,987,475 | |||||||
|
| |||||||
Total Municipal Bonds — 88.9% | 2,794,943,032 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
California — 10.9% | ||||||||
County/City/Special District/School District — 2.4% | ||||||||
Irvine Ranch Water District, COP, 5.00%, 03/01/46 | 19,330 | 22,943,164 | ||||||
Ohlone Community College District, GO, Series B, 4.00%, 08/01/44 | 47,250 | 51,498,247 | ||||||
|
| |||||||
74,441,411 | ||||||||
Education — 3.8% | ||||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/43 | 35,250 | 42,993,367 | ||||||
University of California, RB, Series M, 5.00%, 05/15/42 | 20,000 | 23,876,400 | ||||||
University of California, Refunding RB, Series AZ, 5.00%, 05/15/43 | 41,740 | 51,348,131 | ||||||
|
| |||||||
118,217,898 | ||||||||
State — 0.7% | ||||||||
State of California, Refunding GO, 5.25%, 10/01/39 | 18,150 | 21,711,756 | ||||||
|
| |||||||
Utilities — 4.0% | ||||||||
East Bay Municipal Utility District Water System Revenue, RB, Series A, 5.00%, 06/01/42 | 27,045 | 33,003,266 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Eastern Municipal Water District Financing Authority, RB, Series D, 5.00%, 07/01/47 | $ | 36,105 | $ | 43,605,100 | ||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 | 41,405 | 50,442,878 | ||||||
|
| |||||||
127,051,244 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 341,422,309 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.9% |
| 341,422,309 | ||||||
|
| |||||||
Total Long-Term Investments — 100.0% |
| 3,144,445,922 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 6.1% | ||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, | 191,964,739 | 192,079,918 | ||||||
|
| |||||||
Total Short-Term Securities — 6.1% |
| 192,079,918 | ||||||
|
| |||||||
Total Investments — 106.1% |
| 3,336,525,840 | ||||||
Liabilities in Excess of Other Assets — (1.5)% | (48,912,375) | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.6)% |
| (143,185,977 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 3,144,427,488 | |||||
|
|
(a) | Zero-coupon bond. |
(b) | When-issued security. |
(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) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | 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. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(i) | 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. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
5 |
|
Schedule of Investments (unaudited) (continued) February 28, 2021 | BlackRock California Municipal Opportunities Fund
|
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/21 | Shares Held at 02/28/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| BlackRock Liquidity Funds California Money Fund, Institutional Class | $ | 322,516,448 | $ | — | $ | (130,513,394 | )(a) | $ | 7,928 | $ | 68,936 | $ | 192,079,918 | 191,964,739 | $ | 14,333 | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
U.S. 10 Year Note | 2,551 | 06/21/21 | $ | 339,921 | $ | 2,442,451 | ||||||||||
U.S. Long Bond | 842 | 06/21/21 | 135,457 | 403,913 | ||||||||||||
|
| |||||||||||||||
$ | 2,846,364 | |||||||||||||||
|
|
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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 | $ | — | $ | 8,080,581 | $ | — | $ | 8,080,581 | ||||||||
Municipal Bonds | — | 2,794,943,032 | — | 2,794,943,032 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 341,422,309 | — | 341,422,309 |
S C H E D U L E O F I N V E S T M E N T S | 6 |
Schedule of Investments (unaudited) (continued) February 28, 2021 | BlackRock California Municipal Opportunities Fund
|
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | $ | 192,079,918 | $ | — | $ | — | $ | 192,079,918 | ||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 192,079,918 | $ | 3,144,445,922 | $ | — | $ | 3,336,525,840 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 2,846,364 | $ | — | $ | — | $ | 2,846,364 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $143,144,977 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 | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
GO | General Obligation Bonds | |
GOL | General Obligation Ltd. | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PIK | Payment-in-Kind | |
RB | Revenue Bond | |
SAB | Special Assessment Bonds | |
ST | Special Tax | |
TA | Tax Allocation |
7 |
|