BlackRock California Municipal Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, BlackRock California Municipal Opportunities Fund held 282 positions with $2.44B in net assets. Its ten largest holdings made up 21.7% of the fund. Its share classes cost 0.42%–1.47% a year. Over the 12 months to May 2026, it returned 5.7%, with dividends reinvested. In 2026 Q3 it added 106 new positions and exited 21.
The investment objective of BlackRock California Municipal Opportunities Fund (the California Fund or the Fund) is to provide shareholders with income exempt from Federal and California income taxes.
The fund invests at least 80% of its assets in California municipal bonds selected through bottom-up fundamental analysis combined with macroeconomic risk assessment, with particular emphasis on duration management and capital structure positioning. The fund maintains at least 50% in investment-grade securities but may hold up to 50% in non-investment-grade bonds, and may invest up to 20% in non-California municipal securities including taxable municipals and corporate bonds. Because the fund's security selection depends on management's assessment of credit quality, yield, and duration rather than an index, its performance will diverge from any benchmark. The fund may leverage its portfolio through tender option bond transactions and engages in active trading to implement its strategy.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United States Treasury | 4.70% | $114.83M | — | — |
California Community Choice Financing Authority 5.00% floating · due 2056-10-01 | 2.65% | $64.84M | — | — |
California Community Choice Financing Authority 5.00% floating · due 2054-02-01 | 2.20% | $53.83M | — | — |
California Housing Finance Agency 3.60% floating · due 2056-07-01 | 2.04% | $49.99M | — | — |
iShares California Muni Bond ETF | 2.02% | $49.32M | 860.0K | $57.35 |
California Community Choice Financing Authority 5.00% floating · due 2056-03-01 | 1.98% | $48.36M | — | — |
California State Public Works Board 5.00% · due 2049-04-01 | 1.82% | $44.47M | — | — |
County of Sacramento CA Airport System Revenue 5.25% · due 2049-07-01 | 1.55% | $38.02M | — | — |
California State University 5.25% · due 2050-11-01 | 1.42% | $34.80M | — | — |
City of San Francisco CA Public Utilities Commission Water Revenue 5.00% · due 2051-11-01 | 1.34% | $32.66M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 282 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 94.72% |
| Cash & short-term | 5.24% |
| Derivatives | 0.03% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
C000011299 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.81%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
BlackRock California Municipal Opportunities Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.42% – 1.47%
- Portfolio turnover
- 117.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
106 new· the largest 6
21 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 77.7% |
| Floating rate | 17.1% |
| Zero-coupon or unclassified | 5.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 1.0% |
| 3-5y | 1.3% |
| 5-10y | 5.0% |
| 10y+ | 90.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.22 yr |
| High yield | +1.11 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.16 yr | 2% |
| 5 yr | 2.03 yr | 25% |
| 10 yr | 2.89 yr | 35% |
| 30 yr | 3.10 yr | 38% |
| 3 mo | 0.14 yr | 2% |
| 1 yr | 0.14 yr | 2% |
| 5 yr | 2.61 yr | 31% |
| 10 yr | 4.30 yr | 52% |
| 30 yr | 1.13 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.01 | +0.13 | $2.0k | $31.8k |
| 1 yr | +0.16 | +0.13 | +0.01 | $32.1k | $3.3k |
| 5 yr | +2.03 | +2.56 | +0.05 | $626.0k | $12.7k |
| 10 yr | +2.89 | +4.01 | +0.30 | $979.6k | $72.2k |
| 30 yr | +3.10 | +0.51 | +0.62 | $124.8k | $150.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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