Blackrock California Municipal Series Trust NPORT-P BlackRock California Municipal Opportunities Fund (Feb 2023 report)

Schedule of Investments (unaudited) February 28, 2023 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	$	1,453,807
Total Corporate Bonds — 0.1% (Cost: $2,100,000)				1,453,807
Municipal Bonds
California — 76.9%
Corporate(a) — 3.3%
California Community Choice Financing Authority, RB
5.00%, 07/01/53		40,000		41,948,720
5.00%, 12/01/53		15,890		16,539,154
Series B-1, 4.00%, 02/01/52		27,515		27,297,549
				85,785,423
County/City/Special District/School District — 16.0%
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45		10,100		9,917,796
City & County of San Francisco California Community Facilities District No. 2014-1, ST
Series B, 3.78%, 09/01/30		1,110		993,073
Series B, 3.92%, 09/01/31		3,410		3,049,072
Series B, 3.97%, 09/01/32		1,880		1,671,374
Series B, 4.02%, 09/01/33		2,070		1,828,779
City & County of San Francisco California, GO
Class C1, 4.00%, 06/15/45		5,010		5,036,688
Class E1, 4.00%, 06/15/41		3,185		3,236,986
Series 2020, 4.00%, 06/15/45		2,000		2,010,654
Series 2020, Class D-1, 4.00%, 06/15/46		2,500		2,512,535
Series B-1, 4.00%, 06/15/39		2,010		2,060,628
Series B-1, 4.00%, 06/15/41		2,265		2,309,387
Series D-1, 4.00%, 06/15/41		1,605		1,636,452
Series D-1, 4.00%, 06/15/43		870		880,976
Series A, AMT, 4.00%, 06/15/36		5,155		5,192,688
City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/44		10,000		9,630,280
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(b)		26,425		21,073,356
Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/43		2,150		2,144,027
Gilroy Unified School District, GO, 4.00%, 08/01/46		7,000		6,790,525
Grossmont-Cuyamaca Community College District, GO, Series C, 4.00%, 08/01/46		2,905		2,807,308
Hartnell Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47		5,165		5,030,705
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26		6,085		6,238,415
Los Angeles Community College District, GO
Series K, Election 2008, 4.00%, 08/01/38		40		40,660
Series K, Election 2008, 4.00%, 08/01/39		10,000		10,152,020
Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32		2,590		2,090,865
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB
Series A, 5.00%, 07/01/37		19,235		20,764,894
Series A, 5.00%, 07/01/41		1,100		1,173,901
Series A, 5.00%, 07/01/44		25,935		27,811,812

Security	Par (000)		Value
County/City/Special District/School District (continued)
Los Angeles County Public Works Financing Authority, Refunding RB, Class A, 4.00%, 12/01/43	$	4,600	$	4,563,140
Los Angeles Unified School District, GO, Series RYQ, 4.00%, 07/01/44		14,745		14,437,685
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49		11,625		11,152,479
Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43		7,585		7,246,413
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44		3,575		3,581,496
Orange County Local Transportation Authority Sales Tax Revenue, RB
5.00%, 02/15/39		2,000		2,199,200
5.00%, 02/15/40		5,000		5,491,710
Peralta Community College District, GO, Series B, 5.25%, 08/01/42		3,000		3,365,004
San Carlos School District, GO, Election 2012, 4.00%, 10/01/41		1,500		1,504,713
San Diego Community College District, Refunding GO, 2.38%, 08/01/33		5,375		4,366,811
San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.00%, 10/15/46		1,000		1,075,583
San Diego Unified School District, GO
Series L, 4.00%, 07/01/44		3,750		3,664,339
Series L-2, 4.00%, 07/01/39		2,000		2,023,022
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/47		10,000		9,759,290
San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA
Series D, 3.13%, 08/01/28		1,150		1,024,023
Series D, 3.25%, 08/01/29		1,000		879,197
Series D, 3.38%, 08/01/30		1,250		1,087,949
San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR MBIA), 5.75%, 08/01/37		5,000		5,079,070
San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 5.00%, 03/01/41		17,955		18,758,055
San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29		8,730		7,929,066
San Jose Unified School District, GO
Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(b)		25,000		19,588,425
Series E, Election 2012, 4.00%, 08/01/42		5,000		5,033,535
Series F, Election 2012, 4.00%, 08/01/42		4,000		4,062,288
San Lorenzo Unified School District, GO, 4.00%, 08/01/40		1,115		1,116,826
San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47		5,165		5,863,587
San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45		30,000		32,285,550
San Mateo Foster City Public Financing Authority, RB, 4.00%, 05/01/45		4,000		3,887,800
Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41		5,000		5,035,010
Santa Clarita Community College District, GO
Election 2016, 4.00%, 08/01/42		1,400		1,404,126

1

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
County/City/Special District/School District (continued)
Santa Clarita Community College District, GO (continued)
Election 2016, 5.25%, 08/01/48	$	4,000	$	4,455,736
Santa Cruz City Elementary School District, GO
Series C, 2.00%, 08/01/34		1,770		1,522,365
Series C, 2.00%, 08/01/36		695		555,575
Santa Cruz City High School District, GO
Series C, 2.00%, 08/01/35		450		373,957
Series C, 2.00%, 08/01/36		1,755		1,402,617
Series C, 2.00%, 08/01/37		2,870		2,212,041
Series C, 2.00%, 08/01/38		2,955		2,212,290
Series C, 2.13%, 08/01/39		3,070		2,291,865
Santa Monica Community College District, GO, Series B, 4.00%, 08/01/45		2,470		2,426,301
Simi Valley Unified School District, GO, Series B, 4.00%, 08/01/48		3,250		3,084,819
South Orange County Public Financing Authority, RB 5.00%, 06/01/43		1,790		1,948,191
5.00%, 06/01/47		13,300		14,333,131
Southwestern Community College District, GO, Series A, AMT, 4.00%, 08/01/47		7,940		7,989,919
West Valley-Mission Community College District, GO
Series B, 5.00%, 08/01/47		10,000		11,069,120
Series A, AMT, 4.00%, 08/01/44		8,000		8,024,520
				409,453,695
Education — 7.7%
California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31		2,000		1,752,416
California Infrastructure & Economic Development Bank, RB(c) 5.00%, 01/01/24		275		274,131
4.13%, 01/01/35		985		830,332
5.00%, 01/01/55		2,205		1,703,336
Series A, AMT, 3.65%, 01/01/50(a)		25,000		24,862,125
California Infrastructure & Economic Development Bank, RB, CAB(b) 0.00%, 01/01/35		2,615		1,175,212
0.00%, 01/01/60		37,500		2,342,212
Class B, 0.00%, 01/01/61(c)		17,830		959,468
California Infrastructure & Economic Development Bank, Refunding RB
Series A, 1.60%, 10/01/29		3,575		2,914,322
Series A, 1.84%, 10/01/31		1,100		862,287
California Municipal Finance Authority, RB 5.00%, 06/15/41(c)		925		859,505
6.00%, 07/01/44		500		501,175
5.00%, 06/15/51(c)		1,385		1,226,621
Series A, 5.50%, 08/01/34(c)		265		265,624
California Municipal Finance Authority, Refunding RB(c) 5.00%, 08/01/39		1,785		1,689,810
5.00%, 08/01/48		2,140		1,891,358
California Public Finance Authority, RB, Series B, 5.00%, 07/01/26(c)		265		260,215
California School Finance Authority, RB(c) 5.00%, 06/01/40		1,420		1,377,952
5.00%, 06/01/50		2,240		2,071,621
Series A, 5.00%, 06/01/33		525		532,831
Series A, 5.00%, 06/01/43		525		509,708
Series A, 5.00%, 06/01/49		7,105		6,342,911

Security	Par (000)		Value
Education (continued)
California School Finance Authority, RB(c) (continued)
Series A, 6.00%, 07/01/51	$	1,500	$	1,547,930
Series A, 5.00%, 06/01/55		1,000		929,601
Series A, 5.00%, 06/01/58		3,355		2,923,322
Series B, 6.00%, 06/01/31		735		649,538
Series A, AMT, 6.00%, 06/01/59		8,925		8,418,185
California State University, Refunding RB
Series A, 5.00%, 11/01/43		29,975		32,158,739
Series B, 1.85%, 11/01/31		6,750		5,373,931
Series B, 2.53%, 11/01/33		2,580		2,097,764
Series D, 1.69%, 11/01/29		5,000		4,142,465
California Statewide Communities Development Authority, Refunding RB(c)
Series A, 5.00%, 06/01/36		2,900		2,823,831
Series A, 5.00%, 06/01/46		4,100		3,754,149
Hastings Campus Housing Finance Authority, RB, Series A, 5.00%, 07/01/61(c)		7,640		5,988,079
University of California, RB, Series AV, 5.25%, 05/15/42		12,305		13,099,128
University of California, RB, BAB, 6.30%, 05/15/50		3,790		4,067,038
University of California, Refunding RB
Series AZ, 5.00%, 05/15/43		41,740		44,436,028
Series Q, 4.00%, 05/15/41		10,300		9,845,070
				197,459,970
Health — 5.9%
California Health Facilities Financing Authority, Refunding RB
(BAM TCRS), 4.00%, 08/15/48		4,500		4,310,955
Series A, 4.00%, 08/15/40		7,500		7,504,192
Series A, 4.00%, 11/15/40		3,085		3,089,797
Series A, 4.00%, 08/15/48		5,000		4,739,555
Series A, 4.00%, 08/15/50		30,020		28,619,657
Series A-2, 4.00%, 11/01/44		32,415		30,749,226
Series B, 4.00%, 11/15/41		1,350		1,281,303
Sub-Series A-2, 4.00%, 11/01/38		4,900		4,905,968
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 11/01/39(c)		980		981,668
California Public Finance Authority, RB
Series A, 4.00%, 07/15/41		4,810		4,815,132
Series A, 5.00%, 07/15/46		5,375		5,781,140
Series A, 4.00%, 07/15/51		4,800		4,526,794
California Public Finance Authority, Refunding RB
Series A, 4.00%, 08/01/47		6,595		6,123,985
Series A, 5.00%, 08/01/47		4,000		4,159,048
City of Corona California, RB, 2.24%, 05/01/30		10,000		8,269,010
City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30		2,750		2,289,884
Regents of the University of California Medical Center Pooled Revenue, RB
Series P, 5.00%, 05/15/41		4,830		5,320,858
Series P, 4.00%, 05/15/43		10,000		9,654,550
Series P, 5.00%, 05/15/47		4,740		5,093,263
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/41		8,215		8,527,458
				150,743,443

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Housing — 2.7%
California Community Housing Agency, RB, M/F Housing(c) 4.00%, 08/01/46	$	3,200	$	2,555,821
Series A, 5.00%, 04/01/49		2,630		2,252,314
Series A-1, 3.00%, 02/01/57		5,000		3,186,450
Series A-2, 4.00%, 02/01/50		1,600		1,219,475
Series A-2, 4.00%, 08/01/51		12,920		8,771,879
California Housing Finance Agency, RB, M/F Housing, Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35		10		10,130
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39		21,506		17,259,640
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(c)		1,430		958,728
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(c)		4,840		3,201,345
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(c)		2,740		2,174,423
CMFA Special Finance Agency, RB, M/F Housing(c)
Series A-1, 3.00%, 12/01/56		960		643,665
Series A-2, 4.00%, 08/01/45		1,205		979,299
CSCDA Community Improvement Authority, RB, M/F Housing(c) 2.80%, 03/01/47		3,430		2,492,914
3.13%, 07/01/56		5,620		3,809,208
3.13%, 08/01/56		1,460		1,013,545
4.00%, 12/01/56		445		323,711
3.25%, 04/01/57		3,930		2,705,872
3.25%, 05/01/57		4,140		2,878,679
4.00%, 07/01/58		2,150		1,528,420
Series A, 3.00%, 09/01/56		2,045		1,329,593
Series B, 4.00%, 07/01/58		2,450		1,624,739
Mezzanine Lien, 4.00%, 03/01/57		500		358,309
Series B, Mezzanine Lien, 4.00%, 12/01/59		2,925		1,895,985
Senior Lien, 3.25%, 05/01/57		805		543,367
Senior Lien, 3.13%, 06/01/57		3,850		2,574,345
Series B, Sub Lien, 4.00%, 12/01/59		4,580		3,118,485
				69,410,341
State — 5.8%
California State Public Works Board, RB 4.00%, 11/01/41		6,825		6,803,679
Series B, 4.00%, 05/01/39		2,545		2,572,211
Series B, 4.00%, 05/01/41		3,860		3,874,158
Series B, 4.00%, 05/01/46		21,640		20,916,856
Series C, 5.00%, 11/01/44		24,985		26,954,468
Series D, 4.00%, 05/01/42		5,000		4,899,100
Series D, 4.00%, 05/01/44		2,280		2,225,588
California State University, Refunding RB, Series B, 1.67%, 11/01/29		9,000		7,448,292
California Statewide Communities Development Authority, SAB
Series A, 5.00%, 09/02/39		1,375		1,406,716
Series A, 5.00%, 09/02/44		675		683,194
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(c)
Series D, 0.00%, 08/01/23		465		458,127
Series D, 0.00%, 08/01/31		3,000		2,007,279
State of California, Refunding GO 4.00%, 10/01/37		2,680		2,746,121

Security	Par (000)		Value
State (continued)
State of California, Refunding GO (continued)
5.25%, 10/01/39	$	18,150	$	19,206,275
5.00%, 09/01/42		14,185		15,838,021
5.25%, 09/01/47		10,000		11,249,700
Various Purposes, 5.00%, 10/01/39		5,000		5,254,695
Various Purposes, 4.00%, 03/01/40		13,000		13,093,158
				147,637,638
Tobacco — 1.6%
California County Tobacco Securitization Agency, Refunding RB 5.00%, 06/01/50		1,070		1,041,574
Series A, 5.00%, 06/01/47		2,595		2,391,038
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(b)		7,620		1,243,180
California Statewide Financing Authority, RB(b)(c) 0.00%, 06/01/55		91,500		4,566,491
Series D, 0.00%, 06/01/55		20,750		1,303,100
Golden State Tobacco Securitization Corp., Refunding RB Class B, (SAP), 2.75%, 06/01/34		5,175		4,143,985
Subordinate, 3.85%, 06/01/50		6,020		5,373,187
Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(b)		34,680		2,033,947
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38		4,205		3,907,000
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		14,240		14,550,404
				40,553,906
Transportation — 13.2%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32		1,000		1,008,633
City of Long Beach California Harbor Revenue, ARB
Series A, AMT, 5.00%, 05/15/44		7,530		8,074,012
Series A, AMT, 5.00%, 05/15/49		2,690		2,852,366
City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47		6,400		6,690,483
City of Los Angeles Department of Airports, ARB
AMT, 5.25%, 05/15/47		7,000		7,488,677
Series A, AMT, 4.00%, 05/15/40		15,160		14,803,331
Series A, AMT, 5.00%, 05/15/40		6,615		6,765,564
Series A, AMT, 5.00%, 05/15/42		23,725		24,331,150
Series A, AMT, 5.00%, 05/15/44		8,010		8,267,457
Series B, AMT, 5.00%, 05/15/41		18,710		19,198,481
Series C, AMT, 5.00%, 05/15/45		20,000		20,961,120
Series D, AMT, 5.00%, 05/15/41		8,520		8,610,287
City of Los Angeles Department of Airports, Refunding ARB
AMT, Subordinate, 5.00%, 11/15/31		15		16,878
AMT, Subordinate, 5.00%, 05/15/35		5,425		5,854,470
AMT, Subordinate, 5.00%, 05/15/46		4,985		5,190,636
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/47		8,475		8,563,377
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		2,000		2,016,586
Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39		3,570		3,591,302
San Diego County Regional Airport Authority, ARB Series B, AMT, Subordinate, 5.00%, 07/01/46		10,000		10,262,080

3

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
San Diego County Regional Airport Authority, ARB (continued)
Series A, Subordinate, 4.00%, 07/01/46	$	1,350	$	1,262,152
Series A, Subordinate, 5.00%, 07/01/46		10,000		10,564,880
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB 2nd Series, AMT, 5.00%, 05/01/48		10,145		10,348,093
Series A, AMT, 5.25%, 05/01/42		40,370		42,109,947
Series A, AMT, 5.00%, 05/01/44		16,600		16,720,167
Series A, AMT, 5.00%, 05/01/47		34,305		35,103,380
Series B, AMT, 5.00%, 05/01/46		29,915		30,469,415
Series D, AMT, 5.00%, 05/01/43		6,440		6,663,745
Series D, AMT, 5.25%, 05/01/48		3,500		3,638,621
Series E, AMT, 5.00%, 05/01/38		9,055		9,528,296
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, 4.00%, 10/01/49		6,000		5,782,314
				336,737,900
Utilities — 20.7%
California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29		1,000		812,961
City of Los Angeles California Wastewater System Revenue, Refunding RB
Series A, 5.00%, 06/01/43		10,000		10,675,750
Series A, Subordinate, 5.00%, 06/01/47		12,655		13,893,684
Series A, Subordinate, 4.00%, 06/01/52		10,000		9,558,460
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42		6,465		6,840,241
East Bay Municipal Utility District Water System Revenue, RB
Series A, 5.00%, 06/01/42		27,045		28,651,581
Series A, 4.00%, 06/01/45		4,885		4,863,169
Series A, 5.00%, 06/01/49		2,500		2,668,975
Eastern Municipal Water District Financing Authority, RB
Series D, 5.25%, 07/01/42		18,500		19,877,695
Series D, 5.00%, 07/01/47		36,105		38,059,291
Irvine Ranch Water District, COP, 5.00%, 03/01/46		19,330		20,131,093
Los Angeles Department of Water & Power Water System Revenue, Refunding RB
Series A, 5.00%, 07/01/41		11,020		11,639,335
Series A, 5.25%, 07/01/44		10,650		11,261,960
Series A, 5.00%, 07/01/46		20,000		20,652,300
Series B, 4.00%, 07/01/49		18,960		18,237,946
Series C, 5.00%, 07/01/43		7,480		8,296,554
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/51		29,545		31,758,157
Metropolitan Water District of Southern California, Refunding RB 5.00%, 01/01/38		7,000		7,619,255
Series C, 5.00%, 07/01/39		21,705		24,165,305
Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40		2,150		2,512,142
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45		10,015		10,794,958
Sacramento Municipal Utility District, RB
Series G, 5.00%, 08/15/38		17,000		18,647,521
Series G, 5.00%, 08/15/41		20,020		21,703,362

Security	Par (000)		Value
Utilities (continued)
Sacramento Municipal Utility District, Refunding RB
Series H, 4.00%, 08/15/40	$	7,700	$	7,806,545
Series H, 4.00%, 08/15/45		6,200		6,015,711
San Diego Public Facilities Financing Authority, Refunding RB
Series A, 5.00%, 05/15/36		5,000		5,356,110
Series A, 5.00%, 05/15/38		13,595		14,437,659
Series B, 5.00%, 08/01/38		7,725		8,163,054
Series B, 5.00%, 08/01/39		8,735		9,199,597
Series A, AMT, 4.00%, 08/01/40		2,170		2,206,183
Series A, AMT, 4.00%, 08/01/45		16,940		16,770,854
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB
Series A, 4.00%, 11/01/41		2,515		2,519,052
Series A, 4.00%, 11/01/43		2,390		2,362,551
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB
Series B, 1.00%, 10/01/26		27,880		26,362,073
Series B, 5.00%, 10/01/43		41,405		44,055,955
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB
Series A, 5.00%, 10/01/46		4,000		4,372,404
Series B, 4.00%, 10/01/42		17,010		17,011,395
Series B, 5.00%, 10/01/43		2,965		3,266,603
Series B, 5.00%, 10/01/44		2,515		2,759,659
Series B, 5.00%, 10/01/48		4,290		4,675,418
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		5,205		5,107,677
South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44		2,480		2,675,516
				528,445,711
Total Municipal Bonds in California				1,966,228,027
Illinois — 0.1%
County/City/Special District/School District — 0.1%
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39		2,060		1,840,414
Puerto Rico — 7.4%
State — 4.3%
Commonwealth of Puerto Rico, GO 1.00%, 11/01/43(a)		18,362		7,895,561
1.00%, 11/01/51(a)		24,815		8,375,151
Series A1, Restructured, 5.63%, 07/01/29		5,196		5,395,553
Series A1, Restructured, 5.75%, 07/01/31		2,021		2,121,979
Series A1, Restructured, 4.00%, 07/01/33		1,917		1,708,231
Series A1, Restructured, 4.00%, 07/01/35		1,723		1,500,224
Series A1, Restructured, 4.00%, 07/01/37		1,479		1,248,559
Series A1, Restructured, 4.00%, 07/01/41		2,010		1,636,641
Series A1, Restructured, 4.00%, 07/01/46		2,091		1,642,928
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(b)		2,467		1,394,616
Commonwealth of Puerto Rico, RB, 1.00%, 11/01/51(a)		1,124		363,470
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		380		345,780
Series A-1, Restructured, 4.75%, 07/01/53		31,268		28,034,420
Series A-1, Restructured, 5.00%, 07/01/58		20,534		18,978,200
Series A-2, Restructured, 4.54%, 07/01/53		114		98,946

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
State (continued)
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.78%, 07/01/58	$	12,102	$	10,757,226
Series A-2, Restructured, 4.33%, 07/01/40		10,624		9,671,527
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(b)
Series A-1, Restructured, 0.00%, 07/01/29		1,117		814,133
Series A-1, Restructured, 0.00%, 07/01/33		3,239		1,913,705
Series A-1, Restructured, 0.00%, 07/01/46		17,313		4,451,986
Series B-1, Restructured, 0.00%, 07/01/46		5,761		1,488,504
				109,837,340
Tobacco — 0.4%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(b)		150,000		9,139,350
Utilities — 2.7%
Puerto Rico Electric Power Authority, RB
3rd Series, 5.40%, 01/01/23(d)(e)		593		417,456
Series A, 5.00%, 07/01/29(d)(e)		4,130		2,827,386
Series A, 7.00%, 07/01/33(d)(e)		2,230		1,568,667
Series A, 5.00%, 07/01/42(d)(e)		8,830		6,044,992
Series A, 7.00%, 07/01/43(d)(e)		955		671,783
Series A-3, 10.00%, 07/01/19(d)(e)		2,137		1,502,904
Series B-3, 10.00%, 07/01/19(d)(e)		2,137		1,502,904
Series C-1, 5.40%, 01/01/18(d)(e)		5,870		4,129,144
Series C-2, 5.40%, 07/01/18(d)(e)		5,871		4,129,813
Series C-4, 5.40%, 07/01/20(d)(e)		593		417,457
Series CCC, 5.25%, 07/01/26(d)(e)		1,680		1,150,123
Series CCC, 5.25%, 07/01/28(d)(e)		955		653,790
Series D-4, 7.50%, 07/01/20		1,638		1,152,231
Series TT, 5.00%, 07/01/25(d)(e)		480		328,607
Series TT, 5.00%, 07/01/26(d)(e)		1,285		879,707
Series WW, 5.50%, 07/01/17(d)(e)		1,315		900,245
Series WW, 5.50%, 07/01/19(d)(e)		2,090		1,430,808
Series WW, 5.38%, 07/01/24(d)(e)		875		599,022
Series WW, 5.25%, 07/01/33(d)(e)		885		605,868
Series WW, 5.50%, 07/01/38(d)(e)		1,170		800,978
Series XX, 5.25%, 07/01/27(d)(e)		645		441,565
Series XX, 5.25%, 07/01/35(d)(e)		400		273,839
Series XX, 5.75%, 07/01/36(d)(e)		555		379,951
Series XX, 5.25%, 07/01/40(d)(e)		11,490		7,866,020
Series A, AMT, 6.75%, 07/01/36(d)(e)		7,630		5,367,232
Puerto Rico Electric Power Authority, Refunding RB
Series AAA, 5.25%, 07/01/22(d)(e)		2,150		1,471,884
Series AAA, 5.25%, 07/01/27		6,540		4,477,264
Series AAA, 5.25%, 07/01/28(d)(e)		4,690		3,210,760
Series AAA, 5.25%, 07/01/29(d)(e)		530		362,836
Series BBB, 5.40%, 07/01/28		2,805		1,920,295
Series UU, 3.47%, 07/01/17(a)(d)(e)		395		273,538
Series UU, 1.00%, 07/01/18(a)(d)(e)		355		245,838

Security	Par (000)		Value
Utilities (continued)
Puerto Rico Electric Power Authority, Refunding RB (continued)
Series UU, 1.32%, 07/01/20(a)(d)(e)	$	3,175	$	2,198,687
Series UU, 3.89%, 07/01/31(a)(d)(e)		3,765		2,607,262
Series ZZ, 5.00%, 07/01/17(d)(e)		925		633,252
Series ZZ, 5.25%, 07/01/19(d)(e)		2,945		2,016,138
Series ZZ, 5.25%, 07/01/24(d)(e)		1,990		1,362,348
Series ZZ, 5.00%, 07/01/28(d)(e)		990		677,751
Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40		4,060		2,779,464
				70,279,809
Total Municipal Bonds in Puerto Rico				189,256,499
Total Municipal Bonds — 84.4% (Cost: $2,263,248,129)				2,157,324,940
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
California — 8.3%
County/City/Special District/School District — 1.2%
Grossmont-Cuyamaca Community College District, GO, Election 2012, Series B, 5.00%, 08/01/44		29,715		31,623,369
Health — 0.7%
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		15,370		16,515,503
Utilities — 6.4%
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47		20,000		21,193,610
City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34		11,635		13,034,753
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46		35,325		38,367,921
Metropolitan Water District of Southern California, RB, AMT, Series A, 5.00%, 10/01/51		26,620		29,008,253

5

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities (continued)
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50	$	23,620	$	25,243,166
San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43		33,820		36,318,165
				163,165,868
Total Municipal Bonds in California				211,304,740
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.3% (Cost: $222,250,128)				211,304,740
Total Long-Term Investments — 92.8% (Cost: $2,487,598,257)				2,370,083,487
	Shares
Short-Term Securities
Money Market Funds — 9.6%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 2.34%(g)(h)		247,027,604		246,829,981
Total Short-Term Securities — 9.6% (Cost: $246,847,560)				246,829,981
Total Investments — 102.4% (Cost: $2,734,445,817)				2,616,913,468
Other Assets Less Liabilities — 1.5%				36,585,385
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.9)%				(98,626,215	)
Net Assets — 100.0%			$	2,554,872,638

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Class	$	124,791,461	$	122,093,152	(a)	$	—	$	(31,954	)	$	(22,678	)	$	246,829,981		247,027,604	$	403,233	$	—

^(a)  Represents net amount purchased (sold).

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) February 28, 2023 BlackRock California Municipal Opportunities Fund

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		2,181		06/21/23	$      243,556	$	81,230
U.S. Long Bond		2,308		06/21/23	289,510		2,417,162
5-Year U.S. Treasury Note		1,416		06/30/23	151,634		311,277
						$	2,809,669

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	$	—	$	1,453,807	$	—	$	1,453,807
Municipal Bonds		—		2,157,324,940		—		2,157,324,940
Municipal Bonds Transferred to Tender Option Bond Trusts		—		211,304,740		—		211,304,740
Short-Term Securities
Money Market Funds		246,829,981		—		—		246,829,981
	$	246,829,981	$	2,370,083,487	$	—	$	2,616,913,468
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	2,809,669	$	—	$	—	$	2,809,669

^(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 $98,054,970 are categorized as Level 2 within the fair value hierarchy.

7

Schedule of Investments (unaudited) (continued) February 28, 2023   BlackRock California Municipal Opportunities Fund

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAB	Build America Bond
BAM	Build America Mutual Assurance Co.
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

SCHEDULE   OF   INVESTMENTS 8