Schedule of Investments (unaudited) August 31, 2022 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds | ||||||||
Education — 0.1% | ||||||||
Chapman University, 3.00%, 04/01/51 | $ | 2,100 | $ | 1,520,804 | ||||
University of Southern California, | 650 | 552,744 | ||||||
|
| |||||||
2,073,548 | ||||||||
Environmental, Maintenance & Security Service — 0.1% | ||||||||
Nature Conservancy, Series A, 3.96%, 03/01/52 | 3,311 | 2,952,523 | ||||||
|
| |||||||
Health Care Providers & Services — 0.1% | ||||||||
Cottage Health Obligated Group, 2020, 3.30%, 11/01/49 | 1,839 | 1,445,401 | ||||||
Providence St Joseph Health Obligated Group | ||||||||
Series 21-A, 2.70%, 10/01/51 | 2,344 | 1,552,536 | ||||||
Series A, 3.93%, 10/01/48 | 1,012 | 863,441 | ||||||
|
| |||||||
3,861,378 | ||||||||
|
| |||||||
Total Corporate Bonds — 0.3% | 8,887,449 | |||||||
|
| |||||||
Municipal Bonds | ||||||||
California — 75.8% | ||||||||
Corporate — 1.3% | ||||||||
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a) | 35,500 | 36,064,415 | ||||||
|
| |||||||
County/City/Special District/School District — 16.1% | ||||||||
Butte-Glenn Community College District, GO | ||||||||
Series C, 4.00%, 08/01/47 | 6,815 | 6,815,661 | ||||||
Series A, Election 2016, 5.25%, 08/01/46 | 10,000 | 10,916,570 | ||||||
Cambrian School District, GO, 4.00%, 08/01/52 | 10,000 | 9,447,320 | ||||||
Carlsbad Unified School District, COP, 4.00%, 10/01/46 | 2,580 | 2,519,396 | ||||||
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45 | 10,100 | 9,981,598 | ||||||
City & County of San Francisco California Community Facilities District No. 2014-1, ST | ||||||||
Series B, 3.78%, 09/01/30 | 1,110 | 1,042,213 | ||||||
Series B, 3.92%, 09/01/31 | 3,410 | 3,206,044 | ||||||
Series B, 3.97%, 09/01/32 | 1,880 | 1,763,209 | ||||||
Series B, 4.02%, 09/01/33 | 2,070 | 1,938,843 | ||||||
City & County of San Francisco California, COP, Series A, 4.00%, 04/01/42 | 1,795 | 1,760,615 | ||||||
City & County of San Francisco California, GO | ||||||||
Series 2020, 4.00%, 06/15/45 | 2,000 | 2,023,802 | ||||||
Series A, 4.00%, 06/15/36 | 5,155 | 5,205,091 | ||||||
Series B-1, 4.00%, 06/15/39 | 2,010 | 2,068,927 | ||||||
Series B-1, 4.00%, 06/15/41 | 2,265 | 2,311,641 | ||||||
Series D-1, 4.00%, 06/15/41 | 1,605 | 1,638,050 | ||||||
Series D-1, 4.00%, 06/15/43 | 870 | 882,376 | ||||||
City & County of San Francisco California, Refunding COP | ||||||||
Series A, 4.00%, 04/01/41 | 3,000 | 2,956,296 | ||||||
Series A, 4.00%, 04/01/44 | 10,000 | 9,729,870 | ||||||
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(b) | 26,425 | 21,098,539 | ||||||
Corona-Norco Unified School District, GO, Series C, Class C, 4.00%, 08/01/49 | 4,200 | 3,993,385 | ||||||
El Monte Union High School District, GO, Series B, Class B, 4.00%, 06/01/46 | 2,825 | 2,749,533 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Gilroy Unified School District, GO, | $ | 7,000 | $ | 6,725,768 | ||||
Hacienda La Puente Unified School District, GO, | 5,000 | 5,453,920 | ||||||
Hartnell Community College District, GO, Series A, Class A, 4.00%, 08/01/47 | 5,165 | 5,175,728 | ||||||
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 | 7,855 | 8,235,645 | ||||||
Los Angeles Community College District, GO | ||||||||
Series K, Election 2008, 4.00%, 08/01/37 | 4,045 | 4,145,365 | ||||||
Series K, Election 2008, 4.00%, 08/01/39 | 20,000 | 20,366,520 | ||||||
Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32 | 2,590 | 2,158,830 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Class A, 4.00%, 06/01/36 | 5,425 | 5,666,044 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/37 | 19,235 | 21,182,505 | ||||||
Series A, 4.00%, 06/01/39 | 12,770 | 13,133,038 | ||||||
Marin Healthcare District, GO, Series A, Election 2013, 5.00%, 08/01/41 | 10,000 | 10,720,190 | ||||||
Menifee Union School District, GO, Series A, 5.25%, 08/01/42 | 7,275 | 7,915,018 | ||||||
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49 | 9,425 | 9,417,196 | ||||||
North Orange County Community College District, GO, Series B, GO, 4.00%, 08/01/44 | 3,575 | 3,585,096 | ||||||
Orange County Local Transportation Authority Sales Tax Revenue, RB, 5.00%, 02/15/39 | 2,000 | 2,219,552 | ||||||
Orange County Local Transportation Authority, RB, 5.00%, 02/15/40 | 5,000 | 5,531,875 | ||||||
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 4,395 | 4,765,942 | ||||||
Salinas Union High School District, GO, Series A, 4.00%, 08/01/47 | 5,000 | 4,842,230 | ||||||
San Bernardino County Transportation Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/01/38 | 3,240 | 3,340,343 | ||||||
Series A, 4.00%, 03/01/39 | 3,250 | 3,339,209 | ||||||
Series A, 4.00%, 03/01/40 | 1,255 | 1,285,007 | ||||||
San Diego Community College District, Refunding GO, 2.38%, 08/01/33 | 5,375 | 4,507,867 | ||||||
San Diego County Regional Transportation Commission, RB, Series B, Subordinate, 5.00%, 04/01/45 | 3,440 | 3,856,990 | ||||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 4.00%, 04/01/48 | 3,775 | 3,769,640 | ||||||
San Diego Unified School District, GO | ||||||||
Series I, 4.00%, 07/01/47 | 400 | 389,782 | ||||||
Series L-2, 4.00%, 07/01/39 | 2,000 | 2,028,512 | ||||||
Series M-2, 4.00%, 07/01/50 | 3,700 | 3,570,082 | ||||||
Series N-2, 4.00%, 07/01/46 | 15,000 | 14,832,480 | ||||||
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, RB, Series A, 4.00%, 07/01/39 | 1,730 | 1,759,692 |
1 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | 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 Bay Area Rapid Transit District, GO, Series A, Election 2016, 5.00%, 08/01/47 | $ | 21,675 | $ | 23,367,709 | ||||
San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA | ||||||||
Series D, 3.13%, 08/01/28 | 1,150 | 1,068,468 | ||||||
Series D, 3.25%, 08/01/29 | 1,000 | 921,295 | ||||||
Series D, 3.38%, 08/01/30 | 1,250 | 1,144,955 | ||||||
San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR), 5.75%, 08/01/37 | 5,000 | 5,392,110 | ||||||
San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 5.00%, 03/01/41 | 17,955 | 19,462,897 | ||||||
San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29 | 8,730 | 8,148,957 | ||||||
San Jose Unified School District, GO, CAB | ||||||||
Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(b) | 25,000 | 19,216,925 | ||||||
Series E, GO, 4.00%, 08/01/42 | 5,000 | 5,035,810 | ||||||
San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45 | 30,000 | 32,788,770 | ||||||
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/35 | 4,000 | 4,085,840 | ||||||
Santa Clara Unified School District, GO, Elsction 2014, 4.00%, 07/01/41 | 5,000 | 5,010,735 | ||||||
Santa Clarita Community College District, GO, 4.00%, 08/01/42 | 1,400 | 1,397,249 | ||||||
Santa Cruz City Elementary School District, GO | ||||||||
Series C, 2.00%, 08/01/34 | 1,770 | 1,485,405 | ||||||
Series C, 2.00%, 08/01/36 | 695 | 550,625 | ||||||
Santa Cruz City High School District, GO | ||||||||
Series C, 2.00%, 08/01/35 | 450 | 367,580 | ||||||
Series C, 2.00%, 08/01/36 | 1,755 | 1,388,470 | ||||||
Series C, 2.00%, 08/01/37 | 2,870 | 2,206,290 | ||||||
Series C, 2.00%, 08/01/38 | 2,955 | 2,225,617 | ||||||
Series C, 2.13%, 08/01/39 | 3,070 | 2,309,988 | ||||||
South Orange County Public Financing Authority, RB | ||||||||
5.00%, 06/01/43 | 1,790 | 1,996,323 | ||||||
5.00%, 06/01/47 | 13,300 | 14,681,631 | ||||||
South San Francisco Public Facilities Financing Authority, RB, Class A, 5.25%, 06/01/46 | 750 | 830,786 | ||||||
Southwestern Community College District GO, Series A, 4.00%, 08/01/47 | 7,940 | 7,719,943 | ||||||
|
| |||||||
450,773,423 | ||||||||
Education — 5.8% | ||||||||
California Educational Facilities Authority, RB | ||||||||
Series A, 3.43%, 04/01/30 | 1,000 | 905,519 | ||||||
Series A, 3.56%, 04/01/31 | 2,000 | 1,803,910 | ||||||
California Infrastructure & Economic Development Bank, RB(c) | ||||||||
Series A, 4.13%, 01/01/35 | 1,010 | 956,060 | ||||||
Series A, 5.00%, 01/01/55 | 2,300 | 2,147,434 | ||||||
Series A-2, 5.00%, 01/01/24 | 435 | 434,606 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB(b) | ||||||||
0.00%, 01/01/35 | 2,620 | 1,229,977 | ||||||
0.00%, 01/01/60 | 37,500 | 2,223,187 | ||||||
Class B, Class B, 0.00%, 01/01/61(c) | 17,885 | 1,138,541 | ||||||
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 1.84%, 10/01/31 | 1,100 | 893,527 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
California Municipal Finance Authority, RB | ||||||||
5.00%, 06/15/41(c) | $ | 925 | $ | 891,209 | ||||
6.00%, 07/01/44 | 500 | 507,169 | ||||||
5.00%, 06/15/51(c) | 1,385 | 1,270,592 | ||||||
Series A, 5.50%, 08/01/34(c) | 265 | 266,790 | ||||||
California Municipal Finance Authority, Refunding RB(c) | ||||||||
5.00%, 08/01/39 | 1,785 | 1,786,521 | ||||||
5.00%, 08/01/48 | 2,140 | 2,030,539 | ||||||
California Public Finance Authority, RB, Series B, 5.00%, 07/01/26(c) | 265 | 260,238 | ||||||
California School Finance Authority, RB(c) | ||||||||
5.00%, 06/01/40 | 1,420 | 1,414,310 | ||||||
5.00%, 06/01/50 | 2,240 | 2,153,903 | ||||||
5.00%, 06/01/59 | 3,565 | 3,349,845 | ||||||
Series A, 5.00%, 06/01/33 | 525 | 531,804 | ||||||
Series A, 5.00%, 06/01/43 | 525 | 515,794 | ||||||
Series A, 5.00%, 06/01/49 | 7,105 | 6,927,816 | ||||||
Series A, 6.00%, 07/01/51 | 1,500 | 1,540,218 | ||||||
Series A, 5.00%, 06/01/55 | 1,000 | 949,048 | ||||||
Series A, 5.00%, 06/01/58 | 3,355 | 3,165,382 | ||||||
Series A, 6.00%, 06/01/59 | 8,925 | 8,853,118 | ||||||
Series B, 6.00%, 06/01/31 | 735 | 665,296 | ||||||
California State University, RB, Series C, Class C, 4.00%, 11/01/45 | 6,825 | 6,701,331 | ||||||
California State University, Refunding RB | ||||||||
Series B, Class B, 1.85%, 11/01/31 | 6,750 | 5,451,752 | ||||||
Series B, Class B, 2.53%, 11/01/33 | 2,580 | 2,147,349 | ||||||
Series D, Class D, 1.69%, 11/01/29 | 5,000 | 4,193,115 | ||||||
California Statewide Communities Development Authority, Refunding RB(c) | ||||||||
Series A, Class A, 5.00%, 06/01/36 | 2,900 | 2,943,796 | ||||||
Series A, Class A, 5.00%, 06/01/46 | 4,100 | 4,038,627 | ||||||
Hastings Campus Housing Finance Authority, RB, Series A, Class A, 5.00%, 07/01/61(c) | 7,640 | 7,394,191 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 | 12,305 | 13,379,485 | ||||||
University of California, RB, BAB, 6.30%, 05/15/50 | 3,790 | 4,160,601 | ||||||
University of California, Refunding RB | ||||||||
Series BE, 4.00%, 05/15/47 | 41,245 | 40,178,858 | ||||||
Series Q, 4.00%, 05/15/39 | 10,555 | 10,810,030 | ||||||
Series Q, 4.00%, 05/15/41 | 12,000 | 12,167,448 | ||||||
|
| |||||||
162,378,936 | ||||||||
Health — 6.5% | ||||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
4.00%, 05/15/46 | 5,000 | 5,009,405 | ||||||
4.00%, 05/15/51 | 4,950 | 4,664,499 | ||||||
Series A, 4.00%, 04/01/36 | 4,870 | 4,868,300 | ||||||
Series A, 5.00%, 11/15/38 | 13,040 | 13,863,450 | ||||||
Series A, 4.00%, 11/15/40 | 1,620 | 1,590,192 | ||||||
Series A, 5.00%, 08/15/41 | 1,145 | 1,256,248 | ||||||
Series A, 4.00%, 08/15/48 | 60,000 | 58,206,360 | ||||||
Series A, 4.00%, 08/15/50 | 30,075 | 28,321,176 | ||||||
Series A-2, 4.00%, 11/01/44 | 26,630 | 25,278,261 | ||||||
California Municipal Finance Authority, Refunding RB(c) | ||||||||
Series A, 5.00%, 11/01/39 | 980 | 996,326 | ||||||
Series A, 5.00%, 11/01/49 | 1,105 | 1,096,063 | ||||||
California Public Finance Authority, | 1,005 | 962,519 |
SCHEDULE O F INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health (continued) | ||||||||
California Public Finance Authority, RB (continued) | ||||||||
Series A, 4.00%, 07/15/38 | $ | 1,000 | $ | 1,015,464 | ||||
Series A, 4.00%, 07/15/39 | 1,500 | 1,513,919 | ||||||
Series A, 4.00%, 07/15/40 | 1,405 | �� | 1,415,540 | |||||
Series A, 4.00%, 07/15/41 | 3,705 | 3,713,451 | ||||||
Series A, 5.00%, 07/15/46 | 5,250 | 5,801,507 | ||||||
Series A, 4.00%, 07/15/51 | 5,000 | 4,819,335 | ||||||
California Public Finance Authority, Refunding RB, | 5,050 | 4,849,414 | ||||||
City of Corona California, RB, 2.24%, 05/01/30 | 10,000 | 8,413,550 | ||||||
City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30 | 2,750 | 2,371,985 | ||||||
|
| |||||||
180,026,964 | ||||||||
Housing — 4.5% | ||||||||
California Community Housing Agency, RB, M/F Housing(c) | ||||||||
4.00%, 08/01/46 | 3,200 | 2,631,885 | ||||||
Series A, 5.00%, 04/01/49 | 2,630 | 2,298,980 | ||||||
Series A-1, 4.00%, 08/01/50 | 1,605 | 1,194,300 | ||||||
Series A-1, 3.00%, 02/01/57 | 8,330 | 5,802,174 | ||||||
Series A-2, 4.00%, 02/01/50 | 1,535 | 1,223,354 | ||||||
Series A-2, 4.00%, 08/01/51 | 12,920 | 9,228,032 | ||||||
California Housing Finance Agency, RB, M/F Housing | ||||||||
Class A, 3.25%, 08/20/36 | 8,899 | 8,043,465 | ||||||
Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35 | 19,780 | 19,903,477 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 | 21,506 | 17,848,905 | ||||||
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(c) | 1,430 | 1,018,037 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c) | 7,005 | 4,953,397 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(c) | 2,740 | 2,171,324 | ||||||
CMFA Special Finance Agency, RB, M/F Housing(c) | ||||||||
Series A, 4.00%, 12/01/45 | 3,965 | 3,215,865 | ||||||
Series A-1, 3.00%, 12/01/56 | 675 | 482,751 | ||||||
Series A-2, 4.00%, 08/01/45 | 5,065 | 4,102,609 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) | ||||||||
2.65%, 12/01/46 | 4,750 | 3,654,526 | ||||||
3.13%, 07/01/56 | 5,620 | 3,852,999 | ||||||
4.00%, 07/01/56 | 4,775 | 3,750,094 | ||||||
4.00%, 12/01/56 | 1,095 | 868,011 | ||||||
4.00%, 03/01/57 | 500 | 393,127 | ||||||
3.25%, 04/01/57 | 5,075 | 3,757,545 | ||||||
3.25%, 05/01/57 | 4,730 | 3,427,732 | ||||||
4.00%, 06/01/57 | 535 | 413,308 | ||||||
4.00%, 07/01/58 | 2,150 | 1,547,546 | ||||||
Series A, 5.00%, 07/01/51 | 1,375 | 1,292,822 | ||||||
Series A, 3.00%, 09/01/56 | 2,045 | 1,518,629 | ||||||
Series A2, 3.25%, 07/01/56 | 3,395 | 2,429,160 | ||||||
Series B, 4.00%, 02/01/57 | 1,450 | 1,107,578 | ||||||
Series B, 4.00%, 07/01/58 | 2,450 | 1,770,718 | ||||||
Series B, 4.00%, 12/01/59 | 2,925 | 2,076,229 | ||||||
Senior Lien, 3.00%, 06/01/47 | 3,625 | 2,782,601 |
Security | Par (000) | Value | ||||||
Housing (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) (continued) | ||||||||
Senior Lien, 3.13%, 06/01/57 | $ | 3,850 | $ | 2,662,972 | ||||
Series B, Sub Lien, 4.00%, 12/01/59 | 4,580 | 3,287,469 | ||||||
|
| |||||||
124,711,621 | ||||||||
State — 6.3% | ||||||||
California State Public Works Board, RB 4.00%, 11/01/46 | 15,305 | 14,895,974 | ||||||
Series B, 4.00%, 05/01/40 | 9,775 | 9,811,656 | ||||||
Series B, 4.00%, 05/01/46 | 21,565 | 21,136,697 | ||||||
Series C, 5.00%, 11/01/38 | 5,000 | 5,482,855 | ||||||
Series C, 5.00%, 11/01/44 | 24,985 | 27,170,763 | ||||||
Series D, 4.00%, 11/01/41 | 3,110 | 3,112,245 | ||||||
Series D, Class D, 4.00%, 05/01/42 | 5,000 | 4,995,720 | ||||||
Series D, Class D, 4.00%, 05/01/44 | 2,280 | 2,278,543 | ||||||
Series D, Class D, 4.00%, 05/01/45 | 6,570 | 6,566,426 | ||||||
Series D, Class D, 4.00%, 05/01/46 | 7,840 | 7,836,582 | ||||||
California State University, Refunding RB, Series B, Class B, 1.67%, 11/01/29 | 9,000 | 7,536,834 | ||||||
California Statewide Communities Development Authority, SAB | ||||||||
Series A, Class A, 5.00%, 09/02/39 | 1,375 | 1,470,641 | ||||||
Series A, Class A, 5.00%, 09/02/44 | 675 | 711,221 | ||||||
Series A, Class A, 5.00%, 09/02/48 | 675 | 707,313 | ||||||
El Dorado Irrigation District, Refunding RB, Series C, Class C, 2.06%, 03/01/29 | 3,500 | 3,120,411 | ||||||
Sacramento Area Flood Control Agency, SAB, 4.00%, 10/01/43 | 8,245 | 8,189,148 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(c) | ||||||||
Series D, 0.00%, 08/01/23 | 465 | 447,734 | ||||||
Series D, 0.00%, 08/01/31 | 3,000 | 1,956,564 | ||||||
State of California, GO | ||||||||
4.00%, 03/01/46 | 3,500 | 3,435,180 | ||||||
4.00%, 03/01/50 | 5,250 | 5,105,047 | ||||||
State of California, Refunding GO | ||||||||
4.00%, 11/01/36 | 5,000 | 5,144,610 | ||||||
4.00%, 10/01/37 | 2,680 | 2,725,228 | ||||||
4.00%, 10/01/39 | 1,210 | 1,202,882 | ||||||
4.00%, 04/01/49 | 32,845 | 32,194,669 | ||||||
|
| |||||||
177,234,943 | ||||||||
Tobacco — 1.7% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | ||||||||
5.00%, 06/01/50 | 1,070 | 1,107,150 | ||||||
Series A, 5.00%, 06/01/47 | 2,595 | 2,535,302 | ||||||
Series A, 4.00%, 06/01/49 | 1,540 | 1,413,997 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(b) | 7,620 | 1,358,570 | ||||||
California Statewide Financing Authority, RB, 0.00%, 06/01/55(b)(c) | 12,700 | 779,882 | ||||||
California Statewide Financing Authority, RB, CAB, Series D, 0.00%, 06/01/55(b)(c) | 20,750 | 1,288,824 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Class B, (SAP), 2.75%, 06/01/34 | 5,175 | 4,417,463 | ||||||
Series A-1, Class A1, 3.49%, 06/01/36 | 5,000 | 4,117,600 |
3 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Tobacco (continued) | ||||||||
Golden State Tobacco Securitization Corp., Refunding RB (continued) | ||||||||
Subordinate, 3.85%, 06/01/50 | $ | 6,020 | $ | 5,299,298 | ||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Class B-2, Subordinate, 0.00%, 06/01/66(b) | 40,005 | 4,680,105 | ||||||
Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(b) | 34,680 | 2,211,405 | ||||||
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 | 4,220 | 3,674,088 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 14,360 | 14,624,107 | ||||||
|
| |||||||
47,507,791 | ||||||||
Transportation — 14.1% | ||||||||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32 | 1,000 | 1,050,707 | ||||||
City of Long Beach California Harbor Revenue, RB, Series A, 5.00%, 05/15/49 | 7,500 | 8,211,968 | ||||||
City of Los Angeles Department of Airports, ARB AMT, 4.00%, 05/15/47 | 3,300 | 3,110,682 | ||||||
Series A, AMT, 4.00%, 05/15/40 | 15,545 | 15,233,012 | ||||||
Series A, AMT, 5.00%, 05/15/40 | 6,615 | 6,853,140 | ||||||
Series A, AMT, 4.00%, 05/15/41 | 10,000 | 9,758,950 | ||||||
Series A, AMT, 4.00%, 05/15/42 | 14,970 | 14,466,619 | ||||||
Series A, AMT, 5.00%, 05/15/42 | 23,725 | 24,625,198 | ||||||
Series B, AMT, 5.00%, 05/15/41 | 18,710 | 19,377,535 | ||||||
Series C, AMT, 5.00%, 05/15/45 | 20,000 | 21,332,900 | ||||||
Series D, AMT, 5.00%, 05/15/41 | 8,825 | 9,126,850 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
Series A, 5.00%, 05/15/39 | 11,385 | 12,518,752 | ||||||
Series A, AMT, 5.00%, 05/15/46 | 14,800 | 15,605,845 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing, Senior Lien, 3.25%, 05/01/57(c) | 2,265 | 1,698,365 | ||||||
Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39 | 3,355 | 3,417,118 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/46 | 25,710 | 26,932,485 | ||||||
San Diego County Regional Airport Authority, RB | ||||||||
Series A, Subordinate, 4.00%, 07/01/46 | 9,440 | 8,708,551 | ||||||
Series A, Subordinate, 5.00%, 07/01/46 | 19,560 | 20,908,779 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
2nd Series, AMT, 5.00%, 05/01/48 | 10,145 | 10,473,485 | ||||||
Series A, AMT, 5.00%, 05/01/40 | 8,875 | 8,950,091 | ||||||
Series A, AMT, 5.00%, 05/01/42 | 31,420 | 32,387,862 | ||||||
Series A, AMT, 5.25%, 05/01/42 | 40,370 | 42,219,108 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 10,125 | 10,275,437 | ||||||
Series B, AMT, 5.00%, 05/01/41 | 29,960 | 30,703,218 | ||||||
Series D, AMT, 5.00%, 05/01/43 | 6,440 | 6,666,405 | ||||||
Series E, AMT, 5.00%, 05/01/38 | 9,055 | 9,547,447 | ||||||
San Francisco Municipal Transportation Agency, RB, Series C, 4.00%, 03/01/46 | 19,285 | 18,805,594 | ||||||
|
| |||||||
392,966,103 | ||||||||
Utilities — 19.5% | ||||||||
California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29 | 1,000 | 836,596 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | $ | 20,000 | $ | 21,706,720 | ||||
City of Los Angeles California Wastewater System Revenue, Refunding RB | ||||||||
Series A, 5.00%, 06/01/43 | 10,000 | 10,807,580 | ||||||
Series A, Subordinate, 5.00%, 06/01/47 | 12,020 | 13,352,285 | ||||||
Series A, Subordinate, 4.00%, 06/01/52 | 10,000 | 9,560,150 | ||||||
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 | 6,465 | 6,944,257 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, RB, Series C, 4.00%, 11/01/50 | 11,865 | 11,422,186 | ||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB 4.00%, 11/01/39 | 5,000 | 5,036,650 | ||||||
Series A, 4.00%, 11/01/50 | 7,725 | 7,622,922 | ||||||
Contra Costa Water District, Refunding RB, Series W, Class D, 4.00%, 10/01/46 | 14,440 | 14,614,767 | ||||||
East Bay Municipal Utility District Water System Revenue, RB, Series A, Class A, 4.00%, 06/01/45 | 4,885 | 4,921,525 | ||||||
Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.25%, 07/01/42 | 18,500 | 20,440,002 | ||||||
Eastern Municipal Water District Financing Authority, Refunding RB, Series A, Class A, 4.00%, 07/01/38 | 2,150 | 2,223,145 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, Refunding RB, 4.00%, 10/01/42 | 5,000 | 4,945,710 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB | ||||||||
Series A, 5.00%, 07/01/41 | 53,760 | 57,273,370 | ||||||
Series A, 5.25%, 07/01/44 | 10,650 | 11,526,112 | ||||||
Series A, 5.00%, 07/01/50 | 2,500 | 2,737,545 | ||||||
Series B, 5.00%, 07/01/47 | 15,730 | 17,502,834 | ||||||
Series B, 4.00%, 07/01/49 | 15,000 | 14,821,050 | ||||||
Series B, 5.00%, 07/01/49 | 1,845 | 2,030,638 | ||||||
Series C, 5.00%, 07/01/47 | 5,000 | 5,590,935 | ||||||
Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/39 | 3,620 | 3,962,260 | ||||||
Mesa Water District, COP, 5.00%, 03/15/50 | 4,875 | 5,298,954 | ||||||
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 07/01/25 | 16,105 | 17,286,141 | ||||||
Metropolitan Water District of Southern California, Refunding RB | ||||||||
5.00%, 01/01/38 | 7,000 | 7,766,423 | ||||||
Series A, 5.00%, 10/01/49 | 4,420 | 4,828,112 | ||||||
Series C, 5.00%, 07/01/39 | 21,650 | 24,604,770 | ||||||
Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40 | 2,150 | 2,534,336 | ||||||
Rancho Water District Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/01/39 | 4,475 | 4,541,149 | ||||||
Series A, Refunding RB, 4.00%, 08/01/38 | 4,500 | 4,589,973 | ||||||
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45 | 10,015 | 11,061,067 | ||||||
Sacramento Municipal Utility District, RB | ||||||||
Series G, 5.00%, 08/15/38 | 22,390 | 25,050,514 | ||||||
Series G, 5.00%, 08/15/41 | 20,000 | 22,009,040 |
S C H E D U L E O F I N V E S T M E NT S | 4 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Sacramento Municipal Utility District, Refunding RB | ||||||||
Series H, 4.00%, 08/15/40 | $ | 7,700 | $ | 7,779,587 | ||||
Series H, 4.00%, 08/15/45 | 1,000 | 981,537 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/36 | 5,000 | 5,443,695 | ||||||
Series A, 4.00%, 08/01/36 | 500 | 520,369 | ||||||
Series A, 4.00%, 08/01/37 | 1,000 | 1,032,507 | ||||||
Series A, 5.00%, 05/15/38 | 13,595 | 14,745,980 | ||||||
Series A, 4.00%, 08/01/38 | 1,000 | 1,027,530 | ||||||
Series A, 4.00%, 08/01/39 | 1,250 | 1,274,213 | ||||||
Series A, 4.00%, 08/01/40 | 1,915 | 1,947,208 | ||||||
Series A, 4.00%, 08/01/45 | 14,630 | 14,250,615 | ||||||
Series B, 5.00%, 08/01/38 | 16,460 | 17,879,988 | ||||||
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB | ||||||||
Series A, 4.00%, 11/01/41 | 2,515 | 2,532,836 | ||||||
Series A, 4.00%, 11/01/43 | 2,390 | 2,384,744 | ||||||
Series B, 4.00%, 11/01/46 | 4,160 | 4,068,921 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26 | 27,880 | 26,529,549 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB | ||||||||
Series A, 5.00%, 10/01/46 | 4,000 | 4,420,036 | ||||||
Series B, 4.00%, 10/01/42 | 17,010 | 17,020,274 | ||||||
Series B, 5.00%, 10/01/43 | 2,965 | 3,305,717 | ||||||
Series B, 5.00%, 10/01/44 | 2,515 | 2,793,672 | ||||||
Series B, 5.00%, 10/01/48 | 4,290 | 4,725,714 | ||||||
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 | 3,000 | 2,961,141 | ||||||
State of California Department of Water Resources, Refunding RB | ||||||||
Series AW, 4.00%, 12/01/34 | 24,000 | 24,929,376 | ||||||
Series BC, 1.32%, 12/01/28 | 4,000 | 3,402,124 | ||||||
|
| |||||||
545,407,051 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 2,117,071,247 | |||||||
Illinois — 0.3% | ||||||||
County/City/Special District/School District — 0.3% | ||||||||
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 | 6,925 | 7,135,908 | ||||||
|
| |||||||
Puerto Rico — 7.9% | ||||||||
State — 4.5% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
0.00%, 11/01/43(a) | 19,364 | 9,981,546 | ||||||
0.00%, 11/01/51(a) | 25,882 | 11,781,007 | ||||||
Series A1, Restructured, 5.63%, 07/01/29 | 5,196 | 5,628,181 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 2,021 | 2,208,593 | ||||||
Series A1, Restructured, 4.00%, 07/01/33 | 1,917 | 1,802,684 | ||||||
Series A1, Restructured, 4.00%, 07/01/35 | 1,723 | 1,569,210 | ||||||
Series A1, Restructured, 4.00%, 07/01/37 | 1,479 | 1,323,165 | ||||||
Series A1, Restructured, 4.00%, 07/01/41 | 2,010 | 1,798,237 | ||||||
Series A1, Restructured, 4.00%, 07/01/46 | 2,091 | 1,750,320 | ||||||
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(b) | 2,467 | 1,401,025 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) | $ | 1,161 | $ | 379,778 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40 | 380 | 354,373 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 38,748 | 36,249,916 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 16,743 | 16,221,656 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 114 | 103,235 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 15,623 | 14,570,635 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 10,624 | 10,089,517 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(b) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 1,117 | 863,555 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 | 1,330 | 936,230 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 1,909 | 1,208,332 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 17,313 | 4,937,269 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 5,761 | 1,649,369 | ||||||
|
| |||||||
126,807,833 | ||||||||
Tobacco — 0.4% | ||||||||
Children’s Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57(b) | 150,000 | 9,976,650 | ||||||
|
| |||||||
Utilities — 3.0% | ||||||||
Puerto Rico Electric Power Authority, RB | ||||||||
7.50%, 07/01/20 | 1,638 | 1,384,929 | ||||||
3rd Series, 5.40%, 01/01/23(d)(e) | 593 | 501,764 | ||||||
Series A, 6.75%, 07/01/36(d)(e) | 7,630 | 6,351,975 | ||||||
Series A-3, 10.00%, 07/01/19(d)(e) | 2,137 | 2,093,782 | ||||||
Series B-3, 10.00%, 07/01/19(d)(e) | 2,137 | 2,093,782 | ||||||
Series C-1, 5.40%, 01/01/18(d)(e) | 5,870 | 4,963,041 | ||||||
Series C-2, 5.40%, 07/01/18(d)(e) | 5,871 | 4,963,844 | ||||||
Series C-4, 5.40%, 07/01/20(d)(e) | 593 | 501,764 | ||||||
Series CCC, 5.25%, 07/01/26(d)(e) | 1,680 | 1,336,344 | ||||||
Series CCC, 5.25%, 07/01/28(d)(e) | 955 | 759,648 | ||||||
Series WW, 5.50%, 07/01/17(d)(e) | 1,315 | 1,046,007 | ||||||
Series WW, 5.50%, 07/01/19(d)(e) | 935 | 743,739 | ||||||
Series WW, 5.38%, 07/01/24(d)(e) | 875 | 696,013 | ||||||
Series WW, 5.25%, 07/01/33(d)(e) | 885 | 703,967 | ||||||
Series WW, 5.50%, 07/01/49(d)(e) | 1,155 | 918,737 | ||||||
Series XX, 5.25%, 07/01/35(d)(e) | 400 | 318,177 | ||||||
Series XX, 5.75%, 07/01/36(d)(e) | 555 | 441,471 | ||||||
Series A, RB, 5.00%, 07/01/29(d)(e) | 4,130 | 3,285,180 | ||||||
Series A, RB, 7.00%, 07/01/33(d)(e) | 2,230 | 1,856,475 | ||||||
Series A, RB, 5.00%, 07/01/42(d)(e) | 8,830 | 7,023,762 | ||||||
Series A, RB, 7.00%, 07/01/43(d)(e) | 955 | 795,037 | ||||||
Series TT, RB, 5.00%, 07/01/25(d)(e) | 480 | 381,813 | ||||||
Series TT, RB, 5.00%, 07/01/26(d)(e) | 1,285 | 1,022,144 | ||||||
Series WW, RB, 5.50%, 07/01/38(d)(e) | 1,170 | 930,668 | ||||||
Series XX, RB, 5.25%, 07/01/27(d)(e) | 645 | 513,061 | ||||||
Series XX, RB, 5.25%, 07/01/40(d)(e) | 11,490 | 9,139,640 | ||||||
Puerto Rico Electric Power Authority, Refunding RB | ||||||||
Series AAA, 5.25%, 07/01/22(d)(e) | 2,150 | 1,710,202 | ||||||
Series AAA, 5.25%, 07/01/27 | 6,540 | 5,202,197 | ||||||
Series AAA, 5.25%, 07/01/28(d)(e) | 4,690 | 3,730,628 | ||||||
Series BBB, 5.40%, 07/01/28 | 2,805 | 2,231,218 | ||||||
Series UU, 0.00%, 07/01/18(a)(d)(e) | 355 | 266,250 | ||||||
Series UU, 1.00%, 07/01/31(a)(d)(e) | 3,765 | 2,823,750 |
5 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | 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 UU, 1.00%, 07/01/49(a)(d)(e) | $ | 3,570 | $ | 2,677,500 | ||||
Series ZZ, 5.00%, 07/01/17(d)(e) | 925 | 735,785 | ||||||
Series ZZ, 5.25%, 07/01/19 | 2,945 | 2,342,580 | ||||||
Series ZZ, 5.25%, 07/01/24(d)(e) | 1,990 | 1,582,931 | ||||||
Series ZZ, 5.00%, 07/01/28(d)(e) | 990 | 787,488 | ||||||
Series AAA, Refunding RB, 5.25%, 07/01/29(d)(e) | 530 | 421,585 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40 | 4,060 | 3,229,498 | ||||||
|
| |||||||
82,508,376 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 219,292,859 | |||||||
|
| |||||||
Total Municipal Bonds — 84.0% | 2,343,500,014 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
California — 18.3% | ||||||||
County/City/Special District/School District — 3.9% | ||||||||
Grossmont-Cuyamaca Community College District, GO, Series B, 5.00%, 08/01/44 | 29,715 | 31,978,151 | ||||||
Irvine Ranch Water District, COP, 5.00%, 03/01/46 | 19,330 | 20,237,814 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44 | 25,935 | 28,414,172 | ||||||
Metropolitan Water District of Southern California, Refunding RB, Series A, 5.00%, 10/01/51 | 26,620 | 29,671,823 | ||||||
|
| |||||||
110,301,960 | ||||||||
Education — 3.8% | ||||||||
California State University, Refunding RB, Series A, Class A, 5.00%, 11/01/43 | 35,250 | 38,268,140 | ||||||
University of California, RB, Series M, 5.00%, 05/15/42 | 20,000 | 21,422,210 | ||||||
University of California, Refunding RB, Series AZ, 5.00%, 05/15/43 | 41,740 | 45,190,604 | ||||||
|
| |||||||
104,880,954 | ||||||||
Health — 0.6% | ||||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 | 15,370 | 16,915,584 | ||||||
|
| |||||||
State — 0.7% | ||||||||
State of California, Refunding GO, 5.25%, 10/01/39 | 18,150 | 19,671,179 | ||||||
|
| |||||||
Utilities — 9.3% | ||||||||
City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34 | 11,635 | 12,675,677 | ||||||
East Bay Municipal Utility District Water System Revenue, RB, Series A, Class A, 5.00%, 06/01/42 | 27,045 | 29,487,891 | ||||||
Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.00%, 07/01/47 | 36,105 | 38,856,253 | ||||||
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46 | 35,325 | 38,819,155 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51 | $ | 29,545 | $ | 32,145,273 | ||||
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50 | 23,620 | 25,921,072 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43 | 33,820 | 36,985,163 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 5.00%, 10/01/43 | 41,405 | 44,504,234 | ||||||
|
| |||||||
259,394,718 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 511,164,395 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.3% |
| 511,164,395 | ||||||
|
| |||||||
Total Long-Term Investments — 102.6% | 2,863,551,858 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Commercial Paper — 0.8% | ||||||||
San Diego Public Facilities Financing Authority Water Revenue, 0.30%, 09/08/22 | 22,972 | 22,964,495 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds — 3.9% | ||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, | 108,165,589 | 108,079,056 | ||||||
|
| |||||||
Total Short-Term Securities — 4.7% | 131,043,551 | |||||||
|
| |||||||
Total Investments — 107.3% | 2,994,595,409 | |||||||
Other Assets Less Liabilities — 1.2% | 32,715,434 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.5)% |
| (235,888,496 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,791,422,347 | |||||
|
|
(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) | Zero-coupon bond. |
(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) | Issuer filed for bankruptcy and/or is in default. |
(e) | Non-income producing security. |
(f) | 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. |
(g) | Affiliate of the Fund. |
(h) | 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.
S C H E D U L E O F I N V E S T M E NT S | 6 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | BlackRock California Municipal Opportunities Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 08/31/22 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class | $ | 124,791,461 | $ | — | $ | (16,682,412) | (a) | $ | (12,646 | ) | $ | (17,347 | ) | $ | 108,079,056 | | 108,165,589 | $ | 202,730 | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 2,236 | 12/20/22 | $ | 260,739 | $ | 2,026,263 | ||||||||||
U.S. Long Bond | 1,612 | 12/20/22 | 218,426 | 760,077 | ||||||||||||
5-Year U.S. Treasury Note | 1,208 | 12/30/22 | 133,692 | 638,753 | ||||||||||||
|
| |||||||||||||||
$
| 3,425,093
|
| ||||||||||||||
|
|
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 | $ | — | $ | 8,887,449 | $ | — | $ | 8,887,449 | ||||||||
Municipal Bonds | — | 2,343,500,014 | — | 2,343,500,014 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 511,164,395 | — | 511,164,395 |
7 |
Schedule of Investments (unaudited) (continued) August 31, 2022 | BlackRock California Municipal Opportunities Fund |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Commercial Paper | $ | — | $ | 22,964,495 | $ | — | $ | 22,964,495 | ||||||||
Money Market Funds | 108,079,056 | — | — | 108,079,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$
| 108,079,056
|
| $
| 2,886,516,353
|
| $
| —
|
| $
| 2,994,595,409
|
| |||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $
| 3,425,093
|
| $
| —
|
| $
| —
|
| $
| 3,425,093
|
| ||||
|
|
|
|
|
|
|
|
(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 reporting purposes. As of period end, TOB Trust Certificates of $235,314,945 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 | |
BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
RB | Revenue Bond | |
SAB | Special Assessment Bonds | |
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 NT S | 8 |