# EDGAR Filing Document

**Accession Number:** 0000765199
**File Stem:** 0001410368-25-017844
**Filing Date:** 2025-10
**Character Count:** 167515
**Document Hash:** a4c35cc86782552dab97b501b32087e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-017844.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001410368-25-017844

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000765199

**ORGANIZATION NAME:**
- **EIN:** 226437105
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04264
- **FILM NUMBER:** 251418922

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CALIFORNIA MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 20010822

## Series and Classes Contracts Data

### BlackRock California Municipal Opportunities Fund (Series ID: S000004030)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011299 | Investor A1   |  |
| C000011302 | Institutional |  |
| C000038561 | Investor A    |  |
| C000038562 | Investor C    |  |
| C000199773 | Class K       |  |

## Nport-Ex

August 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock California Municipal Series Trust** |
| • BlackRock California Municipal Opportunities Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 84.4%** | **California — 84.4%** |  |
| **Corporate**<sup>(a)</sup> **— 14.3%** | **Corporate**<sup>(a)</sup> **— 14.3%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/54 | $7000 | &nbsp;&nbsp; $7477833 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 14420 | &nbsp;&nbsp; 15702503 |
| &nbsp;&nbsp;&nbsp; Class B, Sustainability Bonds, 5.00%, 03/01/56 | 68005 | &nbsp;&nbsp; 72855633 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 01/01/56 | 11500 | &nbsp;&nbsp; 11896506 |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.00%, 02/01/55 | 20000 | &nbsp;&nbsp; 21522993 |
| &nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, 5.00%, 02/01/54 | 55670 | &nbsp;&nbsp; 59171499 |
| &nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, 5.00%, 02/01/55 | 62985 | &nbsp;&nbsp; 67904031 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 26000 | &nbsp;&nbsp; 27139105 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series A, <br> AMT, 0.00%, 12/01/44<br>| 16600 | &nbsp;&nbsp; 16604822 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55 | 15000 | &nbsp;&nbsp; 16149688 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, RB, <br> Series A, Sustainability Bonds, 5.50%, 01/01/56<br>| 10000 | &nbsp;&nbsp; 11069147 |
|  |  | &nbsp;&nbsp; 327493760 |
| **County/City/Special District/School District — 30.9%** | **County/City/Special District/School District — 30.9%** |  |
| &nbsp;&nbsp;&nbsp; Berkeley Unified School District, GO, Series D, <br> Election 2020, 4.00%, 08/01/47<br>| 5570 | &nbsp;&nbsp; 5099095 |
| &nbsp;&nbsp;&nbsp; Brea Olinda Unified School District, GO, Series A, <br> 5.00%, 08/01/49<br>| 2050 | &nbsp;&nbsp; 2098895 |
| &nbsp;&nbsp;&nbsp; Burlingame School District, Refunding GO, Series A, <br> Election 2016, 4.00%, 08/01/42<br>| 9000 | &nbsp;&nbsp; 8469326 |
| &nbsp;&nbsp;&nbsp; Butte-Glenn Community College District, GO, <br> Series D, Election 2016, 08/01/50<sup>(b)</sup><br>| 4760 | &nbsp;&nbsp; 4877181 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, 1.60%, 10/01/29<br>| 3575 | &nbsp;&nbsp; 3251352 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 14280 | &nbsp;&nbsp; 14900163 |
| &nbsp;&nbsp;&nbsp; Chaffey Community College District, GO, Series B-1, <br> Election 2018, 5.50%, 06/01/49<br>| 7500 | &nbsp;&nbsp; 8082208 |
| &nbsp;&nbsp;&nbsp; Citrus Community College District, GO, Series B, <br> Election 2020, 5.00%, 08/01/46<br>| 3840 | &nbsp;&nbsp; 3999668 |
| &nbsp;&nbsp;&nbsp; City & County of San Francisco California, Refunding <br> COP, Series A, Sustainability Bonds, 4.00%, <br> 04/01/44<br>| 5000 | &nbsp;&nbsp; 4499630 |
| City of Pasadena California, GO, 5.00%, 09/01/47 | 3880 | &nbsp;&nbsp; 4066987 |
| &nbsp;&nbsp;&nbsp; City of Sacramento California Transient Occupancy <br> Tax Revenue, RB, Series A, 5.00%, 06/01/48<br>| 12335 | &nbsp;&nbsp; 12348202 |
| &nbsp;&nbsp;&nbsp; City of San Jose California, GO, Series A, 5.00%, <br> 09/01/49<br>| 8920 | &nbsp;&nbsp; 9198046 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, GO, Series A, Election <br> 2024, 08/01/50<sup>(b)</sup><br>| 4665 | &nbsp;&nbsp; 4744522 |
| &nbsp;&nbsp;&nbsp; Coast Community College District, GO, Series B, <br> Election 2002, (AGM), 0.00%, 08/01/30<sup>(c)</sup><br>| 26425 | &nbsp;&nbsp; 23252506 |
| Cupertino Union School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.75%, 08/01/44 | 1100 | &nbsp;&nbsp; 1244262 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.75%, 08/01/50 | 4720 | &nbsp;&nbsp; 5223771 |
| &nbsp;&nbsp;&nbsp; Del Mar Union School District, GO, Series B, Election <br> 2018, 4.00%, 08/01/46<br>| 4930 | &nbsp;&nbsp; 4646868 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, Refunding GO, <br> 4.00%, 08/01/39<br>| 11655 | &nbsp;&nbsp; 11563270 |
| Elk Grove Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Election 2016, 4.00%, 08/01/44 | 16375 | &nbsp;&nbsp; 15060058 |
| &nbsp;&nbsp;&nbsp; Election 2016, 4.00%, 08/01/45 | 8600 | &nbsp;&nbsp; 7895383 |
| &nbsp;&nbsp;&nbsp; Elk Grove Unified School District, ST, Election 1998, <br> (AGM), 4.00%, 12/01/42<br>| 8000 | &nbsp;&nbsp; 7391107 |
| &nbsp;&nbsp;&nbsp; Folsom Cordova Unified School District, GO, <br> Series A, Election 2024, 5.25%, 10/01/43<br>| 1110 | &nbsp;&nbsp; 1205131 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Foothill-De Anza Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/43 | $3000 | &nbsp;&nbsp; $3202649 |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/44 | 3150 | &nbsp;&nbsp; 3337123 |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/45 | 3000 | &nbsp;&nbsp; 3156166 |
| &nbsp;&nbsp;&nbsp; Fremont Unified School District/Alameda County <br> California, GO, Series A, Election 2024, 5.25%, <br> 08/01/43<br>| 7565 | &nbsp;&nbsp; 8116394 |
| Fremont Union High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/40 | 3000 | &nbsp;&nbsp; 2927166 |
| &nbsp;&nbsp;&nbsp; Election 2022, 4.00%, 08/01/48 | 22500 | &nbsp;&nbsp; 20989593 |
| &nbsp;&nbsp;&nbsp; Fremont Union High School District, Refunding GO, <br> Series A, 4.00%, 08/01/46<br>| 6065 | &nbsp;&nbsp; 5577099 |
| &nbsp;&nbsp;&nbsp; Gavilan Joint Community College District, GO, <br> Series C, Election 2018, 5.00%, 08/01/48<br>| 16700 | &nbsp;&nbsp; 17183458 |
| Gilroy Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/46 | 1400 | &nbsp;&nbsp; 1259200 |
| &nbsp;&nbsp;&nbsp; Election 2016, 4.00%, 08/01/48 | 1475 | &nbsp;&nbsp; 1287911 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, GO, <br> Series J, Election 2008, 4.00%, 08/01/41<br>| 10000 | &nbsp;&nbsp; 9607439 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation <br> Authority Sales Tax Revenue, RB, Series A, 5.00%, <br> 07/01/42<br>| 8945 | &nbsp;&nbsp; 9473392 |
| &nbsp;&nbsp;&nbsp; Los Gatos Union School District, GO, Election 2024, <br> 5.00%, 08/01/52<br>| 12275 | &nbsp;&nbsp; 12704749 |
| &nbsp;&nbsp;&nbsp; Lucia Mar Unified School District, GO, Series D, <br> Election 2016, 5.25%, 08/01/47<br>| 9000 | &nbsp;&nbsp; 9358949 |
| &nbsp;&nbsp;&nbsp; Manhattan Beach Unified School District, GO, <br> Series B, 4.00%, 09/01/45<br>| 5750 | &nbsp;&nbsp; 5323898 |
| Modesto High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 5.00%, 08/01/44 | 1300 | &nbsp;&nbsp; 1371214 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 5.00%, 08/01/45 | 1000 | &nbsp;&nbsp; 1048312 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 5.25%, 08/01/50 | 1705 | &nbsp;&nbsp; 1790671 |
| Modesto Irrigation District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/01/43 | 6605 | &nbsp;&nbsp; 7017224 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/01/48 | 5000 | &nbsp;&nbsp; 5211046 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District, GO, Series C, <br> Election 2018, 5.00%, 08/01/42<br>| 910 | &nbsp;&nbsp; 974502 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, GO, <br> Series D, Election 2018, 4.00%, 08/01/43<br>| 2890 | &nbsp;&nbsp; 2718915 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, <br> Refunding GO, Series 2018-A, Election 2018, <br> 4.00%, 08/01/49<br>| 6000 | &nbsp;&nbsp; 5316288 |
| &nbsp;&nbsp;&nbsp; Mount San Jacinto Community College District, GO, <br> Series B, Election 2014, 4.00%, 08/01/38<br>| 1985 | &nbsp;&nbsp; 1989896 |
| &nbsp;&nbsp;&nbsp; Newark Unified School District, GO, Series A, Election <br> 2024, 5.25%, 08/01/50<br>| 2635 | &nbsp;&nbsp; 2768180 |
| &nbsp;&nbsp;&nbsp; North Orange County Community College District, <br> GO, Series B, Election 2014, 4.00%, 08/01/44<br>| 3575 | &nbsp;&nbsp; 3328685 |
| &nbsp;&nbsp;&nbsp; Novato Unified School District, GO, Series A, 4.00%, <br> 08/01/41<br>| 6150 | &nbsp;&nbsp; 5727298 |
| &nbsp;&nbsp;&nbsp; Oceanside Unified School District, GO, Series C, <br> Election 2020, 5.25%, 08/01/50<br>| 2205 | &nbsp;&nbsp; 2311185 |
| &nbsp;&nbsp;&nbsp; Ohlone Community College District, GO, Series C, <br> 4.00%, 08/01/41<br>| 10000 | &nbsp;&nbsp; 9384052 |
| &nbsp;&nbsp;&nbsp; Ohlone Community College District, Refunding GO, <br> 4.00%, 08/01/41<br>| 11000 | &nbsp;&nbsp; 10514194 |
| Ontario Public Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/43 | 1120 | &nbsp;&nbsp; 1170963 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/44 | 1000 | &nbsp;&nbsp; 1037458 |
| &nbsp;&nbsp;&nbsp; Peralta Community College District, GO, Series C-1, <br> Election 2018, 5.00%, 08/01/50<br>| 6105 | &nbsp;&nbsp; 6267365 |
| &nbsp;&nbsp;&nbsp; Salinas Union High School District, GO, Series B, <br> Election 2020, 5.00%, 08/01/48<br>| 7250 | &nbsp;&nbsp; 7491340 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Bernardino Community College District, GO, <br> Series B, Election 2018, 5.00%, 08/01/49<br>| $15640 | &nbsp;&nbsp; $15857929 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Transportation <br> Commission, Refunding RB, Series A, 5.00%, <br> 04/01/41<br>| 20500 | &nbsp;&nbsp; 20627701 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, <br> Refunding RB, Series A, 5.00%, 10/15/49<br>| 1565 | &nbsp;&nbsp; 1595066 |
| San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series L, 4.00%, 07/01/44 | 3750 | &nbsp;&nbsp; 3481178 |
| &nbsp;&nbsp;&nbsp; Series I, Election 2012, 5.00%, 07/01/47 | 18575 | &nbsp;&nbsp; 18708873 |
| &nbsp;&nbsp;&nbsp; Series A-3, Sustainability Bonds, 5.00%, 07/01/48 | 13010 | &nbsp;&nbsp; 13427411 |
| &nbsp;&nbsp;&nbsp; Series N2, Sustainability Bonds, 5.00%, 07/01/48 | 5990 | &nbsp;&nbsp; 6181253 |
| San Francisco Bay Area Rapid Transit District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Election 2016, Sustainability Bonds, <br> 5.00%, 08/01/47<br>| 4000 | &nbsp;&nbsp; 4012635 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.25%, 08/01/47 | 4750 | &nbsp;&nbsp; 4960022 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.00%, 08/01/45 | 10295 | &nbsp;&nbsp; 9440521 |
| &nbsp;&nbsp;&nbsp; San Joaquin County Transportation Authority <br> Measure K Sales Tax Revenue, Refunding RB, <br> 4.00%, 03/01/41<br>| 4355 | &nbsp;&nbsp; 4183088 |
| San Jose Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Election 2002, (NPFGC), 0.00%, <br> 06/01/31<sup>(c)</sup><br>| 25000 | &nbsp;&nbsp; 21576738 |
| &nbsp;&nbsp;&nbsp; Series F, Election 2012, 4.00%, 08/01/42 | 4000 | &nbsp;&nbsp; 3867689 |
| &nbsp;&nbsp;&nbsp; San Leandro Unified School District, GO, Series B, <br> 5.25%, 08/01/48<br>| 8335 | &nbsp;&nbsp; 8691669 |
| &nbsp;&nbsp;&nbsp; San Luis Obispo County Community College District, <br> Refunding GO, Series A, Election 2014, 4.00%, <br> 08/01/40<br>| 5485 | &nbsp;&nbsp; 5371948 |
| &nbsp;&nbsp;&nbsp; San Luis Obispo County Financing Authority, <br> Refunding RB, 5.50%, 11/15/47<br>| 5165 | &nbsp;&nbsp; 5464880 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, GO, <br> Series B, Election 2014, 5.00%, 09/01/45<br>| 6000 | &nbsp;&nbsp; 6069394 |
| San Mateo Foster City Public Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/45 | 4000 | &nbsp;&nbsp; 3659746 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/48 | 2265 | &nbsp;&nbsp; 2019892 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, RB, Series A, <br> 4.00%, 05/01/45<br>| 12500 | &nbsp;&nbsp; 11211503 |
| &nbsp;&nbsp;&nbsp; Santa Clara Unified School District, GO, 4.00%, <br> 07/01/41<br>| 10000 | &nbsp;&nbsp; 9973348 |
| Santa Clarita Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Election 2016, 4.00%, 08/01/42 | 5750 | &nbsp;&nbsp; 5358613 |
| &nbsp;&nbsp;&nbsp; Election 2016, 5.25%, 08/01/48 | 8545 | &nbsp;&nbsp; 8899227 |
| &nbsp;&nbsp;&nbsp; Santa Clarita Community College District, Refunding <br> GO, 4.00%, 08/01/41<br>| 10000 | &nbsp;&nbsp; 9434950 |
| Santa Monica-Malibu Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/41 | 1255 | &nbsp;&nbsp; 1204557 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/46 | 10540 | &nbsp;&nbsp; 10933770 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/47 | 11740 | &nbsp;&nbsp; 12127111 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/50 | 16640 | &nbsp;&nbsp; 17074733 |
| &nbsp;&nbsp;&nbsp; State Center Community College District, GO, <br> Series C, 5.00%, 08/01/47<br>| 1980 | &nbsp;&nbsp; 2028435 |
| Tamalpais Union High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/46 | 13420 | &nbsp;&nbsp; 12523011 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/47 | 10000 | &nbsp;&nbsp; 9306760 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/48 | 7950 | &nbsp;&nbsp; 7357204 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/49 | 9500 | &nbsp;&nbsp; 8917264 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/50 | 12000 | &nbsp;&nbsp; 11229354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Victor Valley Union High School District, GO, <br> Series A, Election 2024, 5.25%, 08/01/50<br>| 4500 | &nbsp;&nbsp; $4733710 |
| West Valley-Mission Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/44 | 18345 | &nbsp;&nbsp; 17541228 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/47 | 15000 | &nbsp;&nbsp; 13916090 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/47 | 10060 | &nbsp;&nbsp; 10469966 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2012, 4.00%, 08/01/40 | 10000 | &nbsp;&nbsp; 9897250 |
|  |  | &nbsp;&nbsp; 707397322 |
| **Education — 2.4%** | **Education — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, CAB, 0.00%, 01/01/60<sup>(c)</sup><br>| 37500 | &nbsp;&nbsp; 2702069 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, 4.65%, <br> 05/01/30<br>| 1045 | &nbsp;&nbsp; 1078419 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding <br> RB<sup>(d)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 835 | &nbsp;&nbsp; 700875 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 | 1795 | &nbsp;&nbsp; 1353476 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series B, <br> 5.00%, 07/01/26<sup>(f)</sup><br>| 40 | &nbsp;&nbsp; 39853 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, RB, Series A, <br> 6.00%, 07/01/51<sup>(f)</sup><br>| 1500 | &nbsp;&nbsp; 1514867 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Series A, 4.75%, 06/01/44<sup>(f)</sup><br>| 810 | &nbsp;&nbsp; 731246 |
| California State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/43 | 18000 | &nbsp;&nbsp; 18348864 |
| &nbsp;&nbsp;&nbsp; Series B, 1.67%, 11/01/29 | 9000 | &nbsp;&nbsp; 8199573 |
| &nbsp;&nbsp;&nbsp; Series B, 1.85%, 11/01/31 | 6750 | &nbsp;&nbsp; 5862363 |
| &nbsp;&nbsp;&nbsp; Series D, 1.69%, 11/01/29 | 5000 | &nbsp;&nbsp; 4558357 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series AV, 5.25%, <br> 05/15/42<br>| 10000 | &nbsp;&nbsp; 10378967 |
|  |  | &nbsp;&nbsp; 55468929 |
| **Health — 5.3%** | **Health — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, RB, <br> Series A, 4.00%, 11/15/42<br>| 8025 | &nbsp;&nbsp; 7309864 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/40 | 11105 | &nbsp;&nbsp; 10753260 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/15/50 | 2995 | &nbsp;&nbsp; 3126258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Class B, (BAM-TCRS), 4.00%, <br> 11/01/44<br>| 27410 | &nbsp;&nbsp; 24998407 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/46 | 9965 | &nbsp;&nbsp; 9971104 |
| California Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.20%, 06/01/44<sup>(f)</sup> | 11380 | &nbsp;&nbsp; 10545742 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/46 | 8435 | &nbsp;&nbsp; 8606202 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/54<sup>(f)</sup> | 3000 | &nbsp;&nbsp; 2755075 |
| &nbsp;&nbsp;&nbsp; Series B, 8.25%, 06/01/33 | 12930 | &nbsp;&nbsp; 13312742 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Refunding RB, <br> Series A, 5.00%, 08/01/47<br>| 6000 | &nbsp;&nbsp; 6006565 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 05/15/47<sup>(b)</sup><br>| 24190 | &nbsp;&nbsp; 24367841 |
|  |  | &nbsp;&nbsp; 121753060 |
| **Housing — 0.8%** | **Housing — 0.8%** |  |
| California Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series P-S, 8.00%, 07/01/67<sup>(a)(f)</sup> | 5395 | &nbsp;&nbsp; 5277706 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.75%, 08/01/45 | 13000 | &nbsp;&nbsp; 12964428 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 4.00%, 07/01/58<sup>(f)</sup><br>| 1205 | &nbsp;&nbsp; 776797 |
|  |  | &nbsp;&nbsp; 19018931 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Other — 0.2%** | **Other — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, Sustainability Bonds, 5.00%, 08/01/44<br>| $1750 | &nbsp;&nbsp; $1775730 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br> Refunding RB, 5.00%, 11/21/45<sup>(f)</sup><br>| 2500 | &nbsp;&nbsp; 2422642 |
|  |  | &nbsp;&nbsp; 4198372 |
| **State — 2.0%** | **State — 2.0%** |  |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/46 | 5000 | &nbsp;&nbsp; 5191397 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 11/01/41 | 5000 | &nbsp;&nbsp; 4826428 |
| &nbsp;&nbsp;&nbsp; Sacramento Area Flood Control Agency, Refunding <br> SAB, 5.00%, 10/01/41<br>| 8000 | &nbsp;&nbsp; 8082295 |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/01/35 | 10000 | &nbsp;&nbsp; 10298618 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/45 | 10000 | &nbsp;&nbsp; 10383092 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/49 | 5750 | &nbsp;&nbsp; 6184318 |
|  |  | &nbsp;&nbsp; 44966148 |
| **Tobacco — 2.1%** | **Tobacco — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, Series A, 5.00%, 06/01/47<br>| 2595 | &nbsp;&nbsp; 2358814 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, CAB, Series B-2, Subordinate, <br> 0.00%, 06/01/55<sup>(c)</sup><br>| 7620 | &nbsp;&nbsp; 1351134 |
| California Statewide Financing Authority, RB<sup>(c)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 0.00%, 06/01/55 | 20750 | &nbsp;&nbsp; 1241321 |
| &nbsp;&nbsp;&nbsp; Series L, 0.00%, 06/01/55 | 91500 | &nbsp;&nbsp; 6278221 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, Series B, 5.00%, 06/01/51<br>| 26440 | &nbsp;&nbsp; 25784455 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> 0.00%, 06/01/57<sup>(c)</sup><br>| 34680 | &nbsp;&nbsp; 3190978 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern <br> California, Refunding RB, 5.00%, 06/01/48<br>| 8055 | &nbsp;&nbsp; 7756456 |
|  |  | &nbsp;&nbsp; 47961379 |
| **Transportation — 13.0%** | **Transportation — 13.0%** |  |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB, Series B, 5.56%, 07/01/32<br>| 755 | &nbsp;&nbsp; 792724 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(a)(f)</sup><br>| 69350 | &nbsp;&nbsp; 63456107 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/42 | 10000 | &nbsp;&nbsp; 10004954 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/44 | 10010 | &nbsp;&nbsp; 10023462 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 05/15/48 | 2485 | &nbsp;&nbsp; 2493004 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 05/15/45 | 5000 | &nbsp;&nbsp; 5026366 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 05/15/47 | 15500 | &nbsp;&nbsp; 15763204 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 05/15/47 | 9500 | &nbsp;&nbsp; 9693085 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/47 | 7000 | &nbsp;&nbsp; 7237645 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/35 | 5425 | &nbsp;&nbsp; 5663720 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, ARB, 5.25%, 07/01/49<br>| 30050 | &nbsp;&nbsp; 31281119 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/50 | 11250 | &nbsp;&nbsp; 11467102 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/48 | 15750 | &nbsp;&nbsp; 15677613 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/38 | 10350 | &nbsp;&nbsp; 10590709 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 35700 | &nbsp;&nbsp; 35266944 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/01/46 | 33820 | &nbsp;&nbsp; 32967520 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/01/43 | 16440 | &nbsp;&nbsp; 16453761 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.25%, 05/01/48 | 3900 | &nbsp;&nbsp; $3891184 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/37 | 4000 | &nbsp;&nbsp; 4094246 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/45 | 6600 | &nbsp;&nbsp; 6573579 |
|  |  | &nbsp;&nbsp; 298418048 |
| **Utilities — 13.4%** | **Utilities — 13.4%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, Sustainability Bonds, 4.00%, 10/01/45<br>| 7500 | &nbsp;&nbsp; 7183630 |
| City of Hayward California Sewer Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 | 4175 | &nbsp;&nbsp; 3845996 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/47 | 5925 | &nbsp;&nbsp; 5432080 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles California Wastewater System <br> Revenue, Refunding RB, Series A, 5.00%, <br> 06/01/44<br>| 10000 | &nbsp;&nbsp; 10513098 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/39 | 20000 | &nbsp;&nbsp; 19497237 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/48 | 2000 | &nbsp;&nbsp; 2079524 |
| &nbsp;&nbsp;&nbsp; Class D, 5.00%, 11/01/51 | 10775 | &nbsp;&nbsp; 11031480 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, <br> 5.00%, 06/01/50<br>| 4340 | &nbsp;&nbsp; 4521859 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/42 | 32920 | &nbsp;&nbsp; 33712102 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/43 | 2775 | &nbsp;&nbsp; 2983831 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/44 | 8545 | &nbsp;&nbsp; 8834385 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.00%, 06/01/45 | 4885 | &nbsp;&nbsp; 4542535 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/45 | 1350 | &nbsp;&nbsp; 1430609 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/49 | 15000 | &nbsp;&nbsp; 15525096 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/50 | 22000 | &nbsp;&nbsp; 22948693 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/43 | 4505 | &nbsp;&nbsp; 4844032 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/44 | 1350 | &nbsp;&nbsp; 1436587 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/45 | 1000 | &nbsp;&nbsp; 1059722 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/45 | 1540 | &nbsp;&nbsp; 1572503 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/49 | 5000 | &nbsp;&nbsp; 5075499 |
| &nbsp;&nbsp;&nbsp; Sacramento County Water Financing Authority, RB, <br> 5.00%, 06/01/50<br>| 9005 | &nbsp;&nbsp; 9257564 |
| Sacramento Municipal Utility District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 4.00%, 08/15/40 | 7700 | &nbsp;&nbsp; 7703473 |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 4.00%, 08/15/45 | 20700 | &nbsp;&nbsp; 18803244 |
| &nbsp;&nbsp;&nbsp; Series K, Sustainability Bonds, 5.00%, 08/15/48 | 2660 | &nbsp;&nbsp; 2735450 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 5.00%, 11/15/49 | 5000 | &nbsp;&nbsp; 5143950 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/45 | 5000 | &nbsp;&nbsp; 4652579 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/01/48 | 6400 | &nbsp;&nbsp; 6724512 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/39 | 8735 | &nbsp;&nbsp; 8925046 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 08/01/43 | 1000 | &nbsp;&nbsp; 1023355 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.66%, 10/01/27 | 16710 | &nbsp;&nbsp; 16957559 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 1.00%, 10/01/26<sup>(g)</sup> | 27880 | &nbsp;&nbsp; 27570483 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/42 | 17110 | &nbsp;&nbsp; $15967904 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.00%, 10/01/43 | 9000 | &nbsp;&nbsp; 8411062 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 5.00%, 10/01/49 | 3330 | &nbsp;&nbsp; 3411502 |
| &nbsp;&nbsp;&nbsp; San Jose Financing Authority, Refunding RB, <br> Series B, Sustainability Bonds, 5.00%, 11/01/47<br>| 2000 | &nbsp;&nbsp; 2072683 |
|  |  | &nbsp;&nbsp; 307430864 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 1934106813 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(c)</sup><br>| 2125 | &nbsp;&nbsp; 465715 |
| **Florida**<sup>(a)(d)(e)(f)</sup> **— 0.3%** | **Florida**<sup>(a)(d)(e)(f)</sup> **— 0.3%** |  |
| **Transportation — 0.3%** | **Transportation — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, <br> AMT, 0.00%, 07/15/59<br>| 6470 | &nbsp;&nbsp; 4011400 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, <br> AMT, 0.00%, 07/15/32<br>| 4785 | &nbsp;&nbsp; 2966700 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | &nbsp;&nbsp; 6978100 |
| **Puerto Rico — 5.5%** | **Puerto Rico — 5.5%** |  |
| **State — 2.9%** | **State — 2.9%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 829 | &nbsp;&nbsp; 883242 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 805 | &nbsp;&nbsp; 878629 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/35 | 1723 | &nbsp;&nbsp; 1649526 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/37 | 1479 | &nbsp;&nbsp; 1366755 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/41 | 431 | &nbsp;&nbsp; 373597 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/46 | 2091 | &nbsp;&nbsp; 1721154 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(c)</sup><br>| 2467 | &nbsp;&nbsp; 1738602 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(d)(e)</sup><br>| 36231 | &nbsp;&nbsp; 19923735 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 15728 | &nbsp;&nbsp; 13966202 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 114 | &nbsp;&nbsp; 97464 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 12102 | &nbsp;&nbsp; 10662070 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 1117 | &nbsp;&nbsp; 977638 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 3239 | &nbsp;&nbsp; 2360957 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 23633 | &nbsp;&nbsp; 7353627 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 5761 | &nbsp;&nbsp; 1790558 |
|  |  | &nbsp;&nbsp; 65743756 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(c)</sup><br>| 89730 | &nbsp;&nbsp; 4292517 |
| **Utilities — 2.4%** | **Utilities — 2.4%** |  |
| Puerto Rico Electric Power Authority, RB<sup>(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 | 4130 | &nbsp;&nbsp; 2684500 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/33 | 2230 | &nbsp;&nbsp; 1449500 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/36 | 7630 | &nbsp;&nbsp; 4959500 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/42 | 6125 | &nbsp;&nbsp; 3981250 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/43 | 955 | &nbsp;&nbsp; 620750 |
| &nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19 | 2137 | &nbsp;&nbsp; 1388733 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, <br> RB<sup>(d)(e)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19 | 2137 | &nbsp;&nbsp; $1388733 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18 | 5870 | &nbsp;&nbsp; 3815466 |
| &nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18 | 5871 | &nbsp;&nbsp; 3816083 |
| &nbsp;&nbsp;&nbsp; Series C-3, 5.40%, 01/01/20 | 593 | &nbsp;&nbsp; 385744 |
| &nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20 | 593 | &nbsp;&nbsp; 385744 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26 | 1680 | &nbsp;&nbsp; 1092000 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28 | 955 | &nbsp;&nbsp; 620750 |
| &nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20 | 4342 | &nbsp;&nbsp; 2822484 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/25 | 480 | &nbsp;&nbsp; 312000 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/26 | 1285 | &nbsp;&nbsp; 835250 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17 | 1315 | &nbsp;&nbsp; 854750 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18 | 1155 | &nbsp;&nbsp; 750750 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19 | 935 | &nbsp;&nbsp; 607750 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24 | 875 | &nbsp;&nbsp; 568750 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33 | 885 | &nbsp;&nbsp; 575250 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/38 | 1170 | &nbsp;&nbsp; 760500 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/17 | 645 | &nbsp;&nbsp; 419250 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35 | 400 | &nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36 | 555 | &nbsp;&nbsp; 360750 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/40 | 745 | &nbsp;&nbsp; 484250 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(d)(e)</sup> | 2150 | &nbsp;&nbsp; 1397500 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/27 | 6540 | &nbsp;&nbsp; 4251000 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(d)(e)</sup> | 4690 | &nbsp;&nbsp; 3048500 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/29<sup>(d)(e)</sup> | 530 | &nbsp;&nbsp; 344500 |
| &nbsp;&nbsp;&nbsp; Series BBB, 5.40%, 07/01/28 | 2805 | &nbsp;&nbsp; 1823250 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/17<sup>(a)(d)(e)</sup> | 395 | &nbsp;&nbsp; 256750 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/18<sup>(a)(d)(e)</sup> | 355 | &nbsp;&nbsp; 230750 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/20<sup>(a)(d)(e)</sup> | 3175 | &nbsp;&nbsp; 2063750 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/31<sup>(a)(d)(e)</sup> | 3765 | &nbsp;&nbsp; 2447250 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28<sup>(d)(e)</sup> | 990 | &nbsp;&nbsp; 643500 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 12/29/49<sup>(d)(e)</sup> | 925 | &nbsp;&nbsp; 601250 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Refunding RB, <br> BAB, Series YY, 6.13%, 07/01/40<sup>(d)(e)</sup><br>| 4060 | &nbsp;&nbsp; 2639000 |
|  |  | &nbsp;&nbsp; 55947487 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 125983760 |
| **Wisconsin — 0.6%** | **Wisconsin — 0.6%** |  |
| **Transportation — 0.6%** | **Transportation — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, Series A, AMT, Senior <br> Lien, 5.75%, 07/01/49<br>| 12000 | &nbsp;&nbsp; 11961529 |
| **Total Municipal Bonds — 90.8%** <br>**(Cost: $2,141,135,279)** | **Total Municipal Bonds — 90.8%** <br>**(Cost: $2,141,135,279)** | &nbsp;&nbsp; 2079495917 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| **Utilities — 0.9%** | **Utilities — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB, <br> 5.00%, 11/01/51<br>| $20000 | &nbsp;&nbsp; $20476065 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 20476065 |
| **Total Municipal Bonds Transferred to Tender Option Bond Trusts —** <br> **0.9%** <br>**(Cost: $20,433,533)** | **Total Municipal Bonds Transferred to Tender Option Bond Trusts —** <br> **0.9%** <br>**(Cost: $20,433,533)** | &nbsp;&nbsp; 20476065 |
| **Total Long-Term Investments — 91.7%** <br>**(Cost: $2,161,568,812)** | **Total Long-Term Investments — 91.7%** <br>**(Cost: $2,161,568,812)** | &nbsp;&nbsp; 2099971982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.4%** | **Money Market Funds — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.73%<sup>(i)(j)</sup><br>| 147711329 | &nbsp;&nbsp; 147726100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 2.2%** | **U.S. Treasury Obligations — 2.2%** |  |
| U.S. Treasury Bill, 4.35%, 09/04/25<sup>(k)</sup> | $50000 | &nbsp;&nbsp; 49988236 |
| **Total Short-Term Securities — 8.6%** <br>**(Cost: $197,708,413)** | **Total Short-Term Securities — 8.6%** <br>**(Cost: $197,708,413)** | &nbsp;&nbsp; 197714336 |
| **Total Investments — 100.3%** <br>**(Cost: $2,359,277,225)** | **Total Investments — 100.3%** <br>**(Cost: $2,359,277,225)** | &nbsp;&nbsp; 2297686318 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | &nbsp;&nbsp; 3658840 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (0.4)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (0.4)%** | &nbsp;&nbsp; (10049527)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $2291295631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> When-issued security.

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(h)</sup> 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. 

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

<sup>(k)</sup> Rates are discount rates or a range of discount rates as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $186656608 | $—<br> $(38930508 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $147726100 | 147711329 | $543785 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock California Municipal Opportunities Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2079495917 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2079495917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 147726100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147726100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49988236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49988236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20476065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20476065 |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
|  | &nbsp;&nbsp; $147726100 | &nbsp;&nbsp;&nbsp;&nbsp; $2149960218 | &nbsp;&nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp;&nbsp; $2297686326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $10,000,000 are categorized as Level 2 within the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| GO | General Obligation Bonds |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| SAB | Special Assessment Bonds |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| SAN | State Aid Notes  |
| ST | Special Tax |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock California Municipal Series Trust

- **b. Investment Company Act file number:** 811-04264

- **c. CIK number of Registrant:** 0000765199

- **d. LEI of Registrant:** 5493003C56LLBKW8JY53

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock California Municipal Opportunities Fund

- **b. EDGAR series identifier (if any):** S000004030

- **c. LEI of Series:** LQOJZ5EXQ6332KB2NH96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2325169891.62

**Total Liabilities:** $37896284.46

**Net Assets:** $2287273607.16

**Delayed Delivery Securities:** $14682259.45

**Cash Not Reported:** $3804517.68

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 431.87000000 | **1-Year:** 78068.80000000 | **5-Year:** 594731.94000000 | **10-Year:** 593911.59000000 | **30-Year:** 449042.23000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 27247.52000000 | **1-Year:** 3.32000000 | **5-Year:** 14261.66000000 | **10-Year:** 68436.96000000 | **30-Year:** 119892.79000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000038561 | 0.38%                | -0.90%               | 1.33%                |
| Class ID C000011299 | 0.39%                | -0.89%               | 1.34%                |
| Class ID C000038562 | 0.32%                | -0.97%               | 1.26%                |
| Class ID C000199773 | 0.40%                | -0.88%               | 1.35%                |
| Class ID C000011302 | 0.40%                | -0.88%               | 1.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3447765.99             | $6073003.67                                |
| Month 2  | $-3438085.26             | $-23934694.89                              |
| Month 3  | $-1930865.74             | $33521170.00                               |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| San Mateo Foster City Public Financing Authority                             | SAN MATEO FOSTER CITY CA PUBLIC FING AUTH                    | CUSIP: 799056AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2019891.76   | 0.09%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                 | CUSIP: 798458WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8335000 | PA      | $8691669.24   | 0.38%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5761000 | PA      | $1790558.38   | 0.08%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16149688.35  | 0.71%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  62985000 | PA      | $67904030.87  | 2.97%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                  | SANTA MONICA-MALIBU CA UNIF SCH DIST                         | CUSIP: 802498F75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16640000 | PA      | $17074733.15  | 0.75%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Community College District                                           | CHAFFEY CA CMNTY CLG DIST                                    | CUSIP: 157432LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8082208.43   | 0.35%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661WR2<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012634.88   | 0.18%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEN1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    593452 | PA      | $385743.80    | 0.02%             | 2020-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRZ4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6573578.75   | 0.29%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079523.62   | 0.09%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | CUPERTINO CA UNION SCH DIST                                  | CUSIP: 231237T73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1244261.88   | 0.05%             | 2044-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UZ50<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  27410000 | PA      | $24998406.53  | 1.09%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Beach Unified School District                                      | MANHATTAN BEACH CA UNIF SCH DIST                             | CUSIP: 562785PH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5323898.03   | 0.23%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577NK9<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $11211503.00  | 0.49%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1353476.04   | 0.06%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13420000 | PA      | $12523010.56  | 0.55%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | ONTARIO PUB FING AUTH LEASE REVENUE                          | CUSIP: 68304REF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1170963.02   | 0.05%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114000 | PA      | $97464.54     | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2136512 | PA      | $1388732.80   | 0.06%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7477832.60   | 0.33%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YBV6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    925000 | PA      | $601250.00    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                       | U.S. Treasury Bills                                          | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49988236.00  | 2.19%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  16600000 | PA      | $16604822.30  | 0.73%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3156166.08   | 0.14%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8411062.05   | 0.37%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014D66<br>LEI: 549300IZZ5HKLDKRTF96 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $4542535.32   | 0.20%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE               | CUSIP: 607767DH0<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5211046.20   | 0.23%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFE0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $1449500.00   | 0.06%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | ELK GROVE CA UNIF SCH DIST SPL TAX                           | CUSIP: 287290MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7391107.20   | 0.32%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AM23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3251351.93   | 0.14%             | 2029-10-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27880000 | PA      | $27570482.93  | 1.21%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014D41<br>LEI: 549300IZZ5HKLDKRTF96 | Long             | DBT              | MUN               | US        |  32920000 | PA      | $33712102.28  | 1.47%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 7973555Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18575000 | PA      | $18708873.37  | 0.82%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | DESERT CMNTY CLG DIST CA                                     | CUSIP: 250375HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11655000 | PA      | $11563270.37  | 0.51%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  14420000 | PA      | $15702503.41  | 0.69%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| State Center Community College District                                      | ST CENTER CA CMNTY CLG DIST                                  | CUSIP: 856597JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2028434.56   | 0.09%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014T28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1430609.12   | 0.06%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HKN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3411502.32   | 0.15%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEJ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    875000 | PA      | $568750.00    | 0.02%             | 2024-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13010000 | PA      | $13427410.50  | 0.59%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11896505.74  | 0.52%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucia Mar Unified School District                                            | LUCIA MAR CA UNIF SCH DIST                                   | CUSIP: 54947THM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9358948.71   | 0.41%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HKJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10060000 | PA      | $10469966.23  | 0.46%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032URN0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   8025000 | PA      | $7309864.48   | 0.32%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Orange County Community College District/CA                            | N ORANGE CNTY CA CMNTY CLG DIST                              | CUSIP: 661334FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3328685.25   | 0.15%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014S86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2983831.07   | 0.13%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                      | MOUNT DIABLO CA UNIF SCH DIST                                | CUSIP: 621196U69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $974502.17    | 0.04%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9306759.60   | 0.41%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                             | SAN JOSE CA UNIF SCH DIST SANTA CLARA CNTY                   | CUSIP: 798186N24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3867688.60   | 0.17%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15728000 | PA      | $13966201.66  | 0.61%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014T36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $22948693.02  | 1.00%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohlone Community College District                                            | OHLONE CA CMNTY CLG DIST                                     | CUSIP: 677765FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $10514193.80  | 0.46%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014J52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7190686.86   | 0.31%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                  | SANTA MONICA-MALIBU CA UNIF SCH DIST                         | CUSIP: 802498F59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10540000 | PA      | $10933769.55  | 0.48%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UXH6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   9965000 | PA      | $9971104.16   | 0.44%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023354.80   | 0.04%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107VA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30050000 | PA      | $31281118.75  | 1.37%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $776796.41    | 0.03%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA                                                  | CUSIP: 798135Q28<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   8920000 | PA      | $9198045.68   | 0.40%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DQH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8199573.21   | 0.36%             | 2029-11-01      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    745000 | PA      | $484250.00    | 0.02%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  26000000 | PA      | $27139104.72  | 1.19%             | 2055-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11229354.00  | 0.49%             | 2050-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                     | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  91500000 | PA      | $6278221.26   | 0.27%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFD2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7630000 | PA      | $4959500.00   | 0.22%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | ELK GROVE CA UNIF SCH DIST                                   | CUSIP: 287281YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $5913042.06   | 0.26%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | CUPERTINO CA UNION SCH DIST                                  | CUSIP: 231237T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4720000 | PA      | $5223771.22   | 0.23%             | 2050-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    805123 | PA      | $878628.93    | 0.04%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $854750.00    | 0.04%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                 | MOUNT SAN ANTONIO CA CMNTY CLG DIST                          | CUSIP: 623040PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2718915.35   | 0.12%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDW2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6540000 | PA      | $4251000.00   | 0.19%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063EHV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10298618.30  | 0.45%             | 2035-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEA9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    530000 | PA      | $344500.00    | 0.02%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 13057KAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39852.88     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765RJ67<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19497236.60  | 0.85%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11380000 | PA      | $10545742.44  | 0.46%             | 2044-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCT0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $835250.00    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HJL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18345000 | PA      | $17541227.77  | 0.77%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1078419.24   | 0.05%             | 2030-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                          | SANTA CLARA CA UNIF SCH DIST                                 | CUSIP: 8014953C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9973348.20   | 0.44%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Unified School District/CA                                            | NEWARK CA UNIF SCH DIST                                      | CUSIP: 650264WP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2768179.57   | 0.12%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $792723.73    | 0.03%             | 2032-07-01      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005C89<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |  20700000 | PA      | $18803244.30  | 0.82%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DLF4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  16440000 | PA      | $16453760.61  | 0.72%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21522993.40  | 0.94%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Financing Authority                             | SAN MATEO FOSTER CITY CA PUBLIC FING AUTH                    | CUSIP: 799056AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3659745.80   | 0.16%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3202649.22   | 0.14%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                               | CLOVIS CA UNIF SCH DIST                                      | CUSIP: 189342V47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4744522.34   | 0.21%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Water Financing Authority                                  | SACRAMENTO CNTY CA WTR FING AUTH REVENUE                     | CUSIP: 78615REU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9005000 | PA      | $9257563.51   | 0.40%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014V66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4505000 | PA      | $4844031.93   | 0.21%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | ELK GROVE CA UNIF SCH DIST                                   | CUSIP: 287281WG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9147016.10   | 0.40%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                | E BAY CA MUNI UTILITY DIST WSTWTR SYS REVENUE                | CUSIP: 271012HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4340000 | PA      | $4521859.02   | 0.20%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEL5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    593452 | PA      | $385743.80    | 0.02%             | 2020-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HEX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9897250.40   | 0.43%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Jacinto Community College District                                 | MOUNT SAN JACINTO CA CMNTY CLG DIST                          | CUSIP: 623053BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1989896.48   | 0.09%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue   | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HKW5<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   8945000 | PA      | $9473391.88   | 0.41%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDY8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    955000 | PA      | $620750.00    | 0.03%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | MODESTO CA HIGH SCH DIST STANISLAUS CNTY                     | CUSIP: 607743LZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1371213.86   | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  36231308 | PA      | $19923734.78  | 0.87%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohlone Community College District                                            | OHLONE CA CMNTY CLG DIST                                     | CUSIP: 677765EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9384052.30   | 0.41%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014V74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1436586.96   | 0.06%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRV3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4094246.20   | 0.18%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato Unified School District/CA                                            | NOVATO CA UNIF SCH DIST                                      | CUSIP: 669878FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6150000 | PA      | $5727298.26   | 0.25%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DLY3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  10350000 | PA      | $10590709.02  | 0.46%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Luis Obispo County Community College District                            | SAN LUIS OBISPO CNTY CA CMNTY CLG DIST                       | CUSIP: 798684DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5371948.06   | 0.23%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12102000 | PA      | $10662070.52  | 0.47%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2755075.14   | 0.12%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDJ1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1397500.00   | 0.06%             | 2022-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TRQ6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5075498.60   | 0.22%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DQK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $5862363.05   | 0.26%             | 2031-11-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11250000 | PA      | $11467101.83  | 0.50%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  33820000 | PA      | $32967520.23  | 1.44%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10513098.10  | 0.46%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  55670000 | PA      | $59171499.37  | 2.59%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEK7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5869948 | PA      | $3815466.20   | 0.17%             | 2018-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3337122.57   | 0.15%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFQ3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3175000 | PA      | $2063750.00   | 0.09%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YY8<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   6105000 | PA      | $6267365.28   | 0.27%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                        | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  89730000 | PA      | $4292517.20   | 0.19%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                           | FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY              | CUSIP: 357172YL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6065000 | PA      | $5577098.65   | 0.24%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CY3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10004953.80  | 0.44%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2422641.75   | 0.11%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12930000 | PA      | $13312741.71  | 0.58%             | 2033-06-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                    | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34680000 | PA      | $3190978.24   | 0.14%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Del Mar Union School District                                                | DEL MAR CA UNION SCH DIST                                    | CUSIP: 245145GL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4930000 | PA      | $4646867.64   | 0.20%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $1823250.00   | 0.08%             | 2028-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2493004.51   | 0.11%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gilroy Unified School District                                               | GILROY CA UNIF SCH DIST                                      | CUSIP: 376087ES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1259200.19   | 0.06%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                           | CUSIP: 13057EFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8435000 | PA      | $8606202.07   | 0.38%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445ER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10010000 | PA      | $10023461.75  | 0.44%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YED3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    885000 | PA      | $575250.00    | 0.03%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7237645.52   | 0.32%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3239000 | PA      | $2360956.75   | 0.10%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gilroy Unified School District                                               | GILROY CA UNIF SCH DIST                                      | CUSIP: 376087FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1287910.81   | 0.06%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAV6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5277706.33   | 0.23%             | 2067-07-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Citrus Community College District                                            | CITRUS CA CMNTY CLG DIST                                     | CUSIP: 17741RJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3999667.66   | 0.17%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WDH4<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12964428.36  | 0.57%             | 2045-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Hayward CA Sewer Revenue                                             | HAYWARD CA WSTWTR REVENUE                                    | CUSIP: 421296AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5925000 | PA      | $5432079.82   | 0.24%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pasadena CA                                                          | PASADENA CA                                                  | CUSIP: 70218GAX3<br>LEI: 5493007ZF3ZMBUWLWB58 | Long             | DBT              | MUN               | US        |   3880000 | PA      | $4066986.67   | 0.18%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  35700000 | PA      | $35266943.65  | 1.54%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1478808 | PA      | $1366754.71   | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A2N9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7183630.35   | 0.31%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | ELK GROVE CA UNIF SCH DIST                                   | CUSIP: 287281YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | PA      | $7895382.91   | 0.35%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5026366.05   | 0.22%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFC4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4060000 | PA      | $2639000.00   | 0.12%             | 2040-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1117000 | PA      | $977637.56    | 0.04%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fremont Unified School District/Alameda County CA                            | FREMONT CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 357155DW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7565000 | PA      | $8116394.47   | 0.35%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014V82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059721.83   | 0.05%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEU5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $760500.00    | 0.03%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Bernardino Community College District                                    | SAN BERNARDINO CA CMNTY CLG DIST                             | CUSIP: 796720QY9<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |  15640000 | PA      | $15857929.32  | 0.69%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TRP8<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1572503.41   | 0.07%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4130000 | PA      | $2684500.00   | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445NP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5425000 | PA      | $5663720.34   | 0.25%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                  | SANTA MONICA-MALIBU CA UNIF SCH DIST                         | CUSIP: 802498XH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1204557.27   | 0.05%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFG5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    955000 | PA      | $620750.00    | 0.03%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GX83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10378966.50  | 0.45%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AG95<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  37500000 | PA      | $2702069.25   | 0.12%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DEX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18348863.94  | 0.80%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDV4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    645000 | PA      | $419250.00    | 0.02%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DLH0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3891184.28   | 0.17%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | ONTARIO PUB FING AUTH LEASE REVENUE                          | CUSIP: 68304REG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037458.04   | 0.05%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                | CHABOT-LAS POSITAS CA CMNTY CLG DIST                         | CUSIP: 15722TKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14280000 | PA      | $14900163.26  | 0.65%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  68005000 | PA      | $72855632.76  | 3.19%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $6181252.97   | 0.27%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    828921 | PA      | $883241.78    | 0.04%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Sacramento CA Transient Occupancy Tax Revenue                        | SACRAMENTO CA TRANSIENT OCCUPAPANCY TAX REVENUE              | CUSIP: 786073AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12335000 | PA      | $12348201.53  | 0.54%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20476065.10  | 0.90%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Gatos Union School District/CA                                           | LOS GATOS CA UNION SCH DIST                                  | CUSIP: 545522RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12275000 | PA      | $12704748.61  | 0.56%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    431213 | PA      | $373596.59    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butte-Glenn Community College District                                       | BUTTE-GLENN CA CMNTY CLG DIST                                | CUSIP: 124110HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4760000 | PA      | $4877180.59   | 0.21%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661C86<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4960021.68   | 0.22%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFP5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    355000 | PA      | $230750.00    | 0.01%             | 2018-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                             | SAN JOSE CA UNIF SCH DIST SANTA CLARA CNTY                   | CUSIP: 798186VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $21576738.25  | 0.94%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                 | MOUNT SAN ANTONIO CA CMNTY CLG DIST                          | CUSIP: 623040KE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5316287.82   | 0.23%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                 | SAN JOSE CA FING AUTH WSTWTR REVENUE                         | CUSIP: 79816NAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072683.26   | 0.09%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFN0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    395000 | PA      | $256750.00    | 0.01%             | 2017-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299QV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1595066.48   | 0.07%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2091008 | PA      | $1721154.42   | 0.08%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032U3X4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2995000 | PA      | $3126258.15   | 0.14%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                            | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765D2L3<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4499629.95   | 0.20%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue      | SAN JOAQUIN CNTY CA TRANSPRTN AUTH SALES TAX REVENUE         | CUSIP: 798110CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4183087.94   | 0.18%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gavilan Joint Community College District                                     | GAVILAN CA JT CMNTY CLG DIST                                 | CUSIP: 368079LD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16700000 | PA      | $17183458.15  | 0.75%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCS2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    480000 | PA      | $312000.00    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 143907191 | NS      | $143921581.80 | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HKK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13916089.95  | 0.61%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Transportation Commission                          | SAN DIEGO CNTY CA REGL TRANSPRTN COMMISSION SALES TAX REV    | CUSIP: 797400KW7<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |  20500000 | PA      | $20627701.06  | 0.90%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    835000 | PA      | $700875.07    | 0.03%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | SAN MATEO CNTY CA CMNTY CLG DIST                             | CUSIP: 799038NA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6069393.78   | 0.27%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                             | COAST CA CMNTY CLG DIST                                      | CUSIP: 190335DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26425000 | PA      | $23252506.19  | 1.02%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK LEASE REVENUE   | CUSIP: 13034RAT0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1775730.23   | 0.08%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CKP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4652578.75   | 0.20%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                  | SANTA MONICA-MALIBU CA UNIF SCH DIST                         | CUSIP: 802498F67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11740000 | PA      | $12127111.36  | 0.53%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Community College District                                     | SANTA CLARITA CA CMNTY CLG DIST                              | CUSIP: 801686PV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9434950.30   | 0.41%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HCG1<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |  17110000 | PA      | $15967904.42  | 0.70%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Folsom Cordova Unified School District                                       | FOLSOM CORDOVA CA UNIF SCH DIST                              | CUSIP: 34440PEG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1205131.06   | 0.05%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15500000 | PA      | $15763203.95  | 0.69%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $8917263.92   | 0.39%             | 2049-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HJN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16710000 | PA      | $16957558.48  | 0.74%             | 2027-10-01      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                           | CUSIP: 13057EBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6006564.78   | 0.26%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23633000 | PA      | $7353626.56   | 0.32%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XDE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4826428.20   | 0.21%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366KS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24190000 | PA      | $24367841.01  | 1.07%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ECR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6184318.20   | 0.27%             | 2049-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8735000 | PA      | $8925045.82   | 0.39%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8055000 | PA      | $7756455.76   | 0.34%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 7973558V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3481177.99   | 0.15%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    555000 | PA      | $360750.00    | 0.02%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UQR2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  11105000 | PA      | $10753259.79  | 0.47%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Area Flood Control Agency                                         | SACRAMENTO CA AREA FLOOD CONTROL AGY                         | CUSIP: 785840JP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8082294.32   | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                           | FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY              | CUSIP: 357172L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22500000 | PA      | $20989592.78  | 0.92%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014Q62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15525096.15  | 0.68%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDZ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4690000 | PA      | $3048500.00   | 0.13%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                           | FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY              | CUSIP: 357172WJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2927166.36   | 0.13%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7357204.20   | 0.32%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661ZV0<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |  10295000 | PA      | $9440520.97   | 0.41%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Burlingame School District                                                   | BURLINGAME CA ELEM SCH DIST                                  | CUSIP: 121457HW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8469325.98   | 0.37%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Community College District                                     | SANTA CLARITA CA CMNTY CLG DIST                              | CUSIP: 801686RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5358613.31   | 0.23%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                       | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $465715.34    | 0.02%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15750000 | PA      | $15677612.69  | 0.69%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9693085.41   | 0.42%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | MODESTO CA HIGH SCH DIST STANISLAUS CNTY                     | CUSIP: 607743MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1790670.95   | 0.08%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005K56<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5143949.50   | 0.22%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YER2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    935000 | PA      | $607750.00    | 0.03%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11961528.60  | 0.52%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Salinas Union High School District                                           | SALINAS CA UNION HIGH SCH DIST                               | CUSIP: 794896GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7491339.96   | 0.33%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brea Olinda Unified School District                                          | BREA & OLINDA CA UNIF SCH DIST                               | CUSIP: 106331PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2098894.73   | 0.09%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                             | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4785000 | PA      | $2966700.00   | 0.13%             | 2032-07-15      | Variable      | 14.00%                | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7620000 | PA      | $1351133.67   | 0.06%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                             | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6470000 | PA      | $4011400.00   | 0.18%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  69350000 | PA      | $63456107.17  | 2.77%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Oceanside Unified School District/CA                                         | OCEANSIDE CA UNIF SCH DIST                                   | CUSIP: 675383B93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2311185.10   | 0.10%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005H84<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2735450.34   | 0.12%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | MODESTO CA HIGH SCH DIST STANISLAUS CNTY                     | CUSIP: 607743MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048312.45   | 0.05%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE    | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11069146.70  | 0.48%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Hayward CA Sewer Revenue                                             | HAYWARD CA WSTWTR REVENUE                                    | CUSIP: 421296AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $3845996.43   | 0.17%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAG0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2136512 | PA      | $1388732.80   | 0.06%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                     | VICTOR VLY CA UNION HIGH SCH DIST                            | CUSIP: 926055KV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2366854.70   | 0.10%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $731246.18    | 0.03%             | 2044-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TDM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514866.46   | 0.07%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE               | CUSIP: 607767DG2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   6605000 | PA      | $7017224.46   | 0.31%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DMQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4558357.25   | 0.20%             | 2029-11-01      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEQ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $750750.00    | 0.03%             | 2018-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berkeley Unified School District/CA                                          | BERKELEY CA UNIF SCH DIST                                    | CUSIP: 084154K28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5570000 | PA      | $5099095.49   | 0.22%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2358813.87   | 0.10%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEF8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    400000 | PA      | $260000.00    | 0.01%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2466841 | PA      | $1738602.33   | 0.08%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEM3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5870898 | PA      | $3816083.70   | 0.17%             | 2018-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5191397.10   | 0.23%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                    | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CXR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9607438.70   | 0.42%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                     | VICTOR VLY CA UNION HIGH SCH DIST                            | CUSIP: 926055LH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2366854.70   | 0.10%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAA3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3765000 | PA      | $2447250.00   | 0.11%             | 2031-07-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014S94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1643697.78   | 0.07%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005C71<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7703473.09   | 0.34%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6125000 | PA      | $3981250.00   | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFM2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4342283 | PA      | $2822483.95   | 0.12%             | 2020-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCW3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    990000 | PA      | $643500.00    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10775000 | PA      | $11031480.02  | 0.48%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Community College District                                     | SANTA CLARITA CA CMNTY CLG DIST                              | CUSIP: 801686UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8899227.16   | 0.39%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063D4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10383091.70  | 0.45%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1723019 | PA      | $1649526.07   | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Luis Obispo County Financing Authority                                   | SAN LUIS OBISPO CNTY CA FING AUTH LEASE REVENUE              | CUSIP: 798712DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5165000 | PA      | $5464879.49   | 0.24%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CLM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6724511.74   | 0.29%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26440000 | PA      | $25784454.57  | 1.13%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDT9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1092000.00   | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                     | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20750000 | PA      | $1241321.23   | 0.05%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** BlackRock California Municipal Series Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer