# EDGAR Filing Document

**Accession Number:** 0001911795
**File Stem:** 0001099263-26-007350
**Filing Date:** 2026-5
**Character Count:** 184040
**Document Hash:** a62fad940688fe4345ee9f6b960690ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-007350.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001099263-26-007350

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO California Flexible Municipal Income Fund
- **CENTRAL INDEX KEY:** 0001911795

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23781
- **FILM NUMBER:** 261043727

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 844-312-2113

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Nport-Ex

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 128.8% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 11.7%**  |  |  |
| **136 River Apartments**  |  |  |
| TBD% - 5.940% due 09/01/2028 «~µ | $1499 | $1498 |
| TBD% due 09/01/2043 «~µ | 659 | 659 |
| **3412 Victoria**<br>TBD% due 04/01/2044 «~µ | 217 | 217 |
| **4345 Matilja**<br>TBD% due 04/01/2044 «~µ | 305 | 305 |
| **5625 Case**<br>TBD% due 04/01/2044 «~µ | 323 | 323 |
| **8911 Ramsgate**<br>TBD% due 04/01/2044 «~µ | 338 | 338 |
| **Altrudy Lane Senior Apartments**  |  |  |
| 4.040% due 05/01/2038 «~(h) | 1372 | 1302 |
| 4.230% due 04/01/2041 «~(h) | 3850 | 3477 |
| **AM Bidco Operations LLC**<br>TBD% - 8.500% (TSFR3M + 0.000%) due 10/21/2027 «~µ(h) | 231 | 192 |
| **California Housing Finance Agency**  |  |  |
| TBD% due 04/01/2044 «~µ | 274 | 274 |
| TBD% - 5.840% due 04/01/2028 «~µ | 2468 | 2464 |
| **City of Woodland**<br>4.400% due 09/01/2034 «~(h) | 701 | 680 |
| **Federal Building 10**<br>8.000% due 07/31/2026 «~ | 2500 | 2501 |
| Total Loan Participations and Assignments (Cost $14,116) |  | 14230 |
| **CORPORATE BONDS & NOTES 0.1%**  |  |  |
| **INDUSTRIALS 0.1%**  |  |  |
| **Wild Rivers Water Park** <br>8.500% due 11/01/2051 | 200 | 155 |
| Total Corporate Bonds & Notes (Cost $174) |  | 155 |
| **MUNICIPAL BONDS & NOTES 103.7%**  |  |  |
| **ARKANSAS 0.4%**  |  |  |
| **Arkansas Development Finance Authority Revenue Bonds, Series 2023** <br>7.375% due 07/01/2048 | 500 | 541 |
| **CALIFORNIA 86.8%**  |  |  |
| **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** <br>5.400% due 10/01/2050 (e) | 1000 | 567 |
| **Bay Area Toll Authority, California Revenue Bonds, Series 2023** <br>2.350% due 04/01/2055 | 5000 | 5000 |
| **Bay Area Toll Authority, California Revenue Bonds, Series 2024** <br>2.350% due 04/01/2059 | 6500 | 6500 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2021** <br>4.000% due 02/01/2052 | 1250 | 1248 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 12/01/2053  | 500 | 523 |
| 5.000% due 02/01/2054  | 300 | 317 |
| 5.250% due 01/01/2054  | 300 | 318 |
| 5.250% due 11/01/2054  | 750 | 792 |
| 5.500% due 10/01/2054  | 590 | 642 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 12/01/2032 (g)  | 2445 | 2498 |
| 5.000% due 05/01/2054  | 3000 | 3166 |
| 5.000% due 02/01/2055  | 1000 | 1075 |
| **California Community Housing Agency Revenue Bonds, Series 2021** <br>4.000% due 02/01/2056 | 1000 | 491 |
| **California County Tobacco Securitization Agency Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2055 (d)  | 1500 | 274 |
| 5.000% due 06/01/2050  | 440 | 401 |
| **California Educational Facilities Authority Revenue Bonds, Series 2017** <br>5.000% due 04/01/2047 | 1000 | 1003 |
| **California Educational Facilities Authority Revenue Bonds, Series 2023** <br>5.500% due 10/01/2053 | 500 | 487 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2017** <br>4.000% due 11/01/2038 | 1500 | 1451 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2022** <br>5.000% due 03/01/2040 | 500 | 517 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California Health Facilities Financing Authority Revenue Bonds, Series 2023** <br>2.550% due 03/01/2041 | 1950 | 1950 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2025** <br>5.250% due 10/01/2050 | 1500 | 1682 |
| **California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024** <br>4.100% due 07/01/2040 | 1000 | 983 |
| **California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024** <br>4.250% due 08/01/2041 | 1395 | 1376 |
| **California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024** <br>5.970% due 11/01/2053 | 2000 | 2012 |
| **California Housing Finance Revenue Bonds, Series 2024**  |  |  |
| 5.700% due 06/01/2054  | 1750 | 1745 |
| 6.000% due 03/01/2053  | 1000 | 1011 |
| 7.000% due 03/01/2053  | 250 | 244 |
| **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021**  |  |  |
| 0.000% due 01/01/2061 (d)  | 3885 | 320 |
| 5.000% due 01/01/2056  | 310 | 263 |
| **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024** <br>5.125% due 07/01/2054 | 500 | 457 |
| **California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022** <br>5.250% due 11/01/2036 | 200 | 208 |
| **California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024** <br>4.450% due 12/01/2042 | 900 | 899 |
| **California Municipal Finance Authority Revenue Bonds, Series 2021**  |  |  |
| 3.450% due 07/01/2041  | 800 | 800 |
| 4.000% due 11/01/2036  | 500 | 475 |
| **California Municipal Finance Authority Revenue Bonds, Series 2024**  |  |  |
| 5.500% due 05/01/2044  | 350 | 355 |
| 6.000% due 01/01/2039  | 1000 | 1040 |
| **California Municipal Finance Authority Revenue Bonds, Series 2025**  |  |  |
| 3.536% due 02/20/2041  | 991 | 847 |
| 3.998% due 11/20/2040  | 996 | 955 |
| 5.375% due 11/01/2045  | 775 | 794 |
| 5.625% due 11/01/2054  | 500 | 505 |
| **California Municipal Finance Authority Revenue Notes, Series 2021** <br>3.000% due 09/01/2030 (h) | 220 | 210 |
| **California Municipal Finance Authority Special Tax Bonds, Series 2024**  |  |  |
| 5.000% due 09/01/2039  | 275 | 284 |
| 5.000% due 09/01/2044  | 325 | 330 |
| 5.000% due 09/01/2049  | 675 | 676 |
| 5.125% due 09/01/2054  | 500 | 502 |
| **California Municipal Finance Authority Special Tax Bonds, Series 2025**  |  |  |
| 5.000% due 09/01/2040  | 1360 | 1397 |
| 5.000% due 09/01/2045  | 950 | 961 |
| 5.250% due 09/01/2045  | 600 | 615 |
| **California Municipal Finance Authority Special Tax Notes, Series 2024** <br>4.250% due 09/01/2034 | 245 | 251 |
| **California Pollution Control Financing Authority Revenue Bonds, Series 1997** <br>2.400% due 03/01/2042 | 2000 | 2000 |
| **California Public Finance Authority Revenue Bonds, Series 2019** <br>6.250% due 07/01/2054 | 250 | 258 |
| **California Public Finance Authority Revenue Bonds, Series 2022** <br>2.350% due 07/15/2062 | 2000 | 2000 |
| **California Public Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 11/01/2049 | 750 | 756 |
| **California School Finance Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 07/01/2054  | 525 | 483 |
| 5.000% due 07/01/2059  | 500 | 486 |
| **California State General Obligation Bonds, Series 2015** <br>3.875% due 12/01/2030 | 500 | 500 |
| **California State General Obligation Bonds, Series 2016** <br>4.000% due 09/01/2034 | 1200 | 1203 |
| **California State University Revenue Bonds, Series 2015** <br>4.000% due 11/01/2043 | 500 | 489 |
| **California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2026**  |  |  |
| 5.000% due 04/01/2043 (a)  | 200 | 216 |
| 5.000% due 04/01/2047 (a)  | 300 | 312 |
| 5.000% due 04/01/2048 (a)  | 400 | 413 |
| 5.000% due 04/01/2049 (a)  | 435 | 448 |
| 5.000% due 04/01/2050 (a)  | 315 | 323 |
| **California Statewide Communities Development Authority Revenue Bonds, Series 2006** <br>4.500% due 11/01/2033 | 2000 | 2062 |
| **California Statewide Communities Development Authority Revenue Bonds, Series 2016**  |  |  |
| 5.000% due 12/01/2041  | 500 | 500 |
| 5.000% due 12/01/2046  | 400 | 400 |
| **California Statewide Communities Development Authority Revenue Bonds, Series 2018** <br>5.000% due 12/01/2053 | 300 | 300 |
| **California Statewide Communities Development Authority Revenue Notes, Series 2025** <br>5.000% due 10/01/2035 | 1100 | 1241 |
| **California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026** <br>5.000% due 09/02/2044 | 250 | 269 |
| **California Statewide Communities Development Authority Special Assessment Bonds, Series 2024**  |  |  |
| 5.000% due 09/02/2049  | 525 | 530 |
| 5.000% due 09/02/2054  | 575 | 575 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California Statewide Communities Development Authority Special Tax Bonds, Series 2025**  |  |  |
| 4.375% due 09/02/2040  | 915 | 904 |
| 5.000% due 09/01/2045  | 1820 | 1841 |
| 5.000% due 09/02/2050  | 500 | 505 |
| **California Statewide Communities Development Authority Special Tax Bonds, Series 2026** <br>5.000% due 09/02/2046 | 860 | 880 |
| **Clovis Unified School District, California General Obligation Bonds, Series 2022** <br>5.250% due 08/01/2041 | 500 | 537 |
| **CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021** <br>4.000% due 08/01/2047 | 220 | 201 |
| **CMFA Special Finance Agency, California Revenue Bonds, Series 2021** <br>4.000% due 08/01/2045 | 595 | 527 |
| **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021**  |  |  |
| 3.400% due 10/01/2046  | 445 | 354 |
| 4.000% due 02/01/2057  | 250 | 187 |
| **Department of Veterans Affairs Veteran's Farm & Home Purchase Program, California Revenue Bonds, Series 2022** <br>4.950% due 12/01/2046 | 250 | 257 |
| **Eastern Municipal Water District, California Revenue Bonds, Series 2018** <br>2.250% due 07/01/2046 | 1000 | 1000 |
| **Elk Grove Finance Authority, California Special Tax Bonds, Series 2016** <br>5.000% due 09/01/2046 | 500 | 498 |
| **Firebaugh, California Revenue Bonds, Series 2019** <br>4.000% due 08/01/2039 | 250 | 221 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021**  |  |  |
| 0.000% due 06/01/2066 (d)  | 5000 | 501 |
| 3.714% due 06/01/2041  | 500 | 397 |
| 3.850% due 06/01/2050  | 135 | 123 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** <br>5.000% due 06/01/2051 | 1500 | 1470 |
| **Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022** <br>4.500% due 11/01/2052 | 250 | 249 |
| **Irvine Ranch Water District, California Special Assessment Bonds, Series 2009** <br>2.300% due 10/01/2041 | 2000 | 2000 |
| **Irvine, California Special Assessment Bonds, Series 2004** <br>2.400% due 09/02/2029 | 1000 | 1000 |
| **Lincoln, California Special Tax Bonds, Series 2025**  |  |  |
| 5.000% due 09/01/2050  | 570 | 558 |
| 5.050% due 09/01/2055  | 500 | 482 |
| **Long Beach Unified School District, California General Obligation Bonds, Series 2015** <br>0.000% due 08/01/2037 (d) | 500 | 308 |
| **Los Angeles County, California Development Authority Revenue Bonds, Series 2025** <br>3.350% due 09/01/2059 | 500 | 504 |
| **Los Angeles Department of Airports, California Revenue Bonds, Series 2020** <br>5.000% due 05/15/2038 | 1000 | 1047 |
| **Los Angeles Department of Airports, California Revenue Bonds, Series 2022** <br>4.000% due 05/15/2041 | 500 | 485 |
| **Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024** <br>4.500% due 07/01/2046 | 600 | 579 |
| **Los Angeles Unified School District, California General Obligation Bonds, Series 2022** <br>5.000% due 07/01/2041 | 500 | 548 |
| **M-S-R Energy Authority, California Revenue Bonds, Series 2009** <br>6.500% due 11/01/2039 | 330 | 392 |
| **Mountain House Community Facilities District, California Special Tax Bonds, Series 2025** <br>5.000% due 09/01/2040 | 500 | 514 |
| **Orange County, California Community Facilities District Special Tax Bonds, Series 2022** <br>5.000% due 08/15/2047 | 250 | 253 |
| **Orange County, California Community Facilities District Special Tax Bonds, Series 2023** <br>5.500% due 08/15/2048 | 1500 | 1552 |
| **Rancho Cordova, California Special Tax Bonds, Series 2026** <br>5.000% due 09/01/2055 | 650 | 636 |
| **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** <br>2.550% due 05/15/2045 | 2000 | 2000 |
| **Rialto, California Special Tax Bonds, Series 2026** <br>5.000% due 09/01/2055 | 500 | 496 |
| **Rio Hondo Community College District, California General Obligation Bonds, Series 2022** <br>0.000% due 08/01/2046 (d) | 1000 | 376 |
| **River Islands Public Financing Authority, California Special Tax Bonds, Series 2022** <br>5.750% due 09/01/2052 | 250 | 256 |
| **River Islands Public Financing Authority, California Special Tax Bonds, Series 2024** <br>5.000% due 09/01/2054 | 1000 | 959 |
| **Roseville, California Special Tax Bonds, Series 2017** <br>5.000% due 09/01/2033 | 500 | 509 |
| **Sacramento County, California Special Tax Bonds, Series 2022**  |  |  |
| 5.000% due 09/01/2036  | 270 | 283 |
| 5.000% due 09/01/2047  | 100 | 100 |
| **Sacramento, California Special Tax Bonds, Series 2021** <br>4.000% due 09/01/2050 | 500 | 428 |
| **San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021** <br>4.000% due 07/01/2046 | 500 | 460 |
| **San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023** <br>5.250% due 07/01/2058 | 700 | 716 |
| **San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016** <br>4.000% due 11/01/2039 | 1000 | 985 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025** <br>5.500% due 01/01/2056 | 700 | 763 |
| **San Rafael City Elementary School District, California General Obligation Bonds, Series 2019** <br>4.000% due 08/01/2047 | 250 | 236 |
| **Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022** <br>5.000% due 06/01/2049 | 1000 | 1001 |
| **Santa Cruz City High School District, California General Obligation Bonds, Series 2017** <br>4.000% due 08/01/2042 | 1000 | 974 |
| **Stockton Community Facilities District, California Special Tax Bonds, Series 2024**  |  |  |
| 5.000% due 09/01/2044  | 380 | 382 |
| 5.000% due 09/01/2054  | 650 | 626 |
| **Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021** <br>0.000% due 06/01/2060 (d) | 5015 | 768 |
| **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019**  |  |  |
| 0.000% due 06/01/2054 (d)  | 2000 | 357 |
| 5.000% due 06/01/2034  | 250 | 266 |
| 5.000% due 06/01/2048  | 1000 | 1003 |
| **University of California Revenue Bonds, Series 2013** <br>2.330% due 05/15/2048 | 1400 | 1400 |
| **University of California Revenue Bonds, Series 2026** <br>5.000% due 11/15/2043 | 1100 | 1212 |
| **Vacaville, California Special Tax Bonds, Series 2025** <br>5.250% due 09/01/2055 | 1000 | 997 |
|  |  | 106244 |
| **COLORADO 0.8%**  |  |  |
| **Colorado Housing and Finance Authority Revenue Bonds, Series 2024** <br>6.350% due 06/01/2054 | 300 | 291 |
| **Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021** <br>5.250% due 12/01/2051 (e) | 500 | 406 |
| **Dominion Water & Sanitation District, Colorado Revenue Notes, Series 2022** <br>5.250% due 12/01/2032 | 250 | 256 |
|  |  | 953 |
| **GEORGIA 0.1%**  |  |  |
| **Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024** <br>5.000% due 04/01/2034 | 100 | 102 |
| **IDAHO 0.2%**  |  |  |
| **Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021** <br>3.750% due 09/01/2051 | 191 | 182 |
| **ILLINOIS 0.8%**  |  |  |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2025** <br>5.000% due 12/01/2040 | 1000 | 967 |
| **INDIANA 0.0%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, Series 2019** <br>7.000% due 03/01/2039 ^(b) | 280 | 14 |
| **IOWA 0.2%**  |  |  |
| **Iowa Finance Authority Revenue Bonds, Series 2022** <br>8.000% due 01/01/2042 | 250 | 211 |
| **MICHIGAN 1.2%**  |  |  |
| **Detroit, Michigan General Obligation Bonds, Series 2014** <br>4.000% due 04/01/2044 | 249 | 192 |
| **Michigan State Hospital Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 08/15/2055 | 1000 | 1091 |
| **Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008** <br>0.000% due 06/01/2046 (d) | 1500 | 204 |
|  |  | 1487 |
| **MULTI-STATE 0.3%**  |  |  |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023** <br>2.250% due 09/25/2037 | 483 | 406 |
| **NEVADA 0.1%**  |  |  |
| **Reno, Nevada Revenue Bonds, Series 2018** <br>0.000% due 07/01/2058 (d) | 1000 | 157 |
| **NEW HAMPSHIRE 1.0%**  |  |  |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2023** <br>4.817% due 12/20/2036 | 481 | 481 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2024** <br>3.580% due 07/20/2039 | 791 | 760 |
|  |  | 1241 |
| **NEW JERSEY 0.1%**  |  |  |
| **Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018** <br>5.000% due 06/01/2046 | 100 | 98 |
| **NEW YORK 1.1%**  |  |  |
| **Build NYC Resource Corp. New York Revenue Bonds, Series 2018** <br>5.625% due 12/01/2050 | 100 | 83 |
| **Build NYC Resource Corp. New York Revenue Notes, Series 2022** <br>5.000% due 06/01/2032 | 200 | 204 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2023** <br>6.000% due 04/01/2035 | 1000 | 1097 |
|  |  | 1384 |
| **OHIO 1.6%**  |  |  |
| **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2057 (d)  | 3200 | 234 |
| 5.000% due 06/01/2055  | 1850 | 1494 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** <br>5.000% due 07/01/2049 | 300 | 272 |
|  |  | 2000 |
| **PENNSYLVANIA 0.1%**  |  |  |
| **Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024**  |  |  |
| 6.000% due 06/30/2034  | 22 | 23 |
| 8.000% due 06/30/2034  | 44 | 45 |
|  |  | 68 |
| **PUERTO RICO 7.7%**  |  |  |
| **Commonwealth of Puerto Rico Bonds, Series 2022**  |  |  |
| 0.000% due 11/01/2043  | 1543 | 1036 |
| 0.000% due 11/01/2051  | 2735 | 1522 |
| **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** <br>4.000% due 07/01/2041 | 1250 | 1158 |
| **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** <br>7.500% due 08/20/2040 | 749 | 735 |
| **Puerto Rico Electric Power Authority Revenue Bonds, Series 2010** <br>5.250% due 07/01/2040 ^(b) | 1000 | 665 |
| **Puerto Rico Electric Power Authority,Revenue Bonds, Series 2010** <br>3.625% due 07/01/2026 ^(b) | 300 | 200 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018**  |  |  |
| 0.000% due 07/01/2046 (d)  | 5000 | 1761 |
| 0.000% due 07/01/2051 (d)  | 4500 | 1153 |
| 5.000% due 07/01/2058  | 1000 | 952 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** <br>4.329% due 07/01/2040 | 250 | 247 |
|  |  | 9429 |
| **TEXAS 0.8%**  |  |  |
| **Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021** <br>7.500% due 12/01/2045 ^(b) | 250 | 12 |
| **Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023** <br>12.000% due 06/01/2043 ^(b) | 110 | 5 |
| **Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021** <br>3.625% due 07/01/2026 | 250 | 248 |
| **Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022** <br>6.000% due 12/01/2062 | 250 | 232 |
| **Houston, Texas Airport System Revenue Notes, Series 2024** <br>5.250% due 07/15/2034 | 500 | 525 |
|  |  | 1022 |
| **VIRGINIA 0.1%**  |  |  |
| **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** <br>3.750% due 03/01/2036 | 170 | 164 |
| **WEST VIRGINIA 0.1%**  |  |  |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** <br>0.000% due 06/01/2047 (d) | 1250 | 116 |
| **WISCONSIN 0.2%**  |  |  |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** <br>6.500% due 06/01/2045 | 125 | 111 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Public Finance Authority, Wisconsin Revenue Notes, Series 2023** <br>0.000% due 09/01/2029 (d) | 100 | 78 |
|  |  | 189 |
| Total Municipal Bonds & Notes (Cost $125,887) |  | 126975 |
| **U.S. GOVERNMENT AGENCIES 3.3%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 3.600% due 12/01/2040 - 06/01/2043 | 1221 | 1132 |
| 3.660% due 01/01/2039 | 725 | 687 |
| 3.850% due 02/01/2038 - 07/01/2041 | 2360 | 2246 |
| Total U.S. Government Agencies (Cost $3,927) |  | 4065 |
| **U.S. TREASURY OBLIGATIONS 7.0%**  |  |  |
| **U.S. Treasury Notes**  |  |  |
| 3.375% due 02/29/2028 | 3100 | 3076 |
| 3.500% due 02/28/2031 (j) | 2500 | 2451 |
| 4.125% due 03/31/2031 | 200 | 201 |
| 4.250% due 02/28/2031 | 1200 | 1216 |
| 4.625% due 04/30/2031 | 1600 | 1648 |
| Total U.S. Treasury Obligations (Cost $8,596) |  | 8592 |
|  | SHARES |  |
| **MUTUAL FUNDS 2.0%**  |  |  |
| **BlackRock MuniHoldings California Quality Fund, Inc.** | 70489 | 733 |
| **Nuveen California AMT-Free Quality Municipal Income Fund** | 70100 | 834 |
| **Nuveen California Quality Municipal Income Fund** | 73900 | 861 |
| Total Mutual Funds (Cost $2,444) |  | 2428 |
| **COMMON STOCKS 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **AM Bidco Holdings LLC «(c)** | 9 | 0 |
| Total Common Stocks (Cost $0) |  | 0 |
| **PREFERRED SECURITIES 0.1%**  |  |  |
| **BANKING & FINANCE 0.1%**  |  |  |
| **JPMorgan Chase & Co.**<br>3.650% due 06/01/2026 •(f) | 125000 | 125 |
| Total Preferred Securities (Cost $114) |  | 125 |
| **SHORT-TERM INSTRUMENTS 0.9%**  |  |  |
| **REPURCHASE AGREEMENTS (i) 0.9%** |  | 1079 |
| Total Short-Term Instruments (Cost $1,079) |  | 1079 |
| Total Investments in Securities (Cost $156,337) |  | 157649 |
| Total Investments 128.8% (Cost $156,337) |  | $157649 |
| Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (20.4)% |  | (24868) |
| Other Assets and Liabilities, net (8.4)% |  | (10349) |
| Net Assets Applicable to Common Shareholders 100.0% |  | $122432 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(c)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(f)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(g)** | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  | **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.**  |
| **(h)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Cost |  | Market<br>Value | Net Assets Applicable to Common Shareholders |
| AM Bidco Operations LLC | AM Bidco Operations LLC | AM Bidco Operations LLC | 0.000 | 10/21/2027 | 10/21/2025 | 201 | 201 | $ | 192 | 0.16 |
| Altrudy Lane Senior Apartments | Altrudy Lane Senior Apartments | Altrudy Lane Senior Apartments | 4.040 | 05/01/2038 | 01/09/2025 | 1263 | 1263 |  | 1302 | 1.06 |
| Altrudy Lane Senior Apartments | Altrudy Lane Senior Apartments | Altrudy Lane Senior Apartments | 4.230 | 04/01/2041 | 01/09/2025 | 3393 | 3393 |  | 3477 | 2.84 |
| California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 | 3.000 | 09/01/2030 | 12/06/2023 | 205 | 205 |  | 210 | 0.17 |
| City of Woodland | City of Woodland | City of Woodland | 4.400 | 09/01/2034 | 07/26/2023 | 676 | 676 |  | 680 | 0.56 |
|  |  |  |  |  |  | 5738 | 5738 | $ | 5861 | 4.79 |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(i)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 04/02/2026 | 1079 | 1079 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 02/28/2031 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 02/28/2031 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 02/28/2031 | (1082) | (1082) | 1079 | $ |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(1082)** | **(1082)** | **1079** | **$** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Sale-Buyback<br>Transactions |
| BOS | BOS | 3.620%  | 3.620%  | 3.620%  | 04/02/2026 | 04/02/2026 | (3527) | (3527) | (3529) | (3529) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  |  |  | **(3529)** | **(3529)** |
| **(j)** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** | **Securities with an aggregate market value of $3,530 have been pledged as collateral under the terms of master agreements as of March 31, 2026.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1585) at a weighted average interest rate of 3.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 03/31/2026 | Fair Value<br>at 03/31/2026 | Fair Value<br>at 03/31/2026 |

---

------

<br> Consolidated Schedule of Investments PIMCO California Flexible Municipal Income Fund (Cont.) March 31, 2026 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | | |
| Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | $0 | 0 | $14230 | 14230 | $ | $ | 14230 |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |
| Industrials | Industrials | 0 | 0 | 0 | 155 | 155 | 0 | 0 |  |  | 155 |  |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |  |
| Arkansas | Arkansas | 0 | 0 | 0 | 541 | 541 | 0 | 0 |  |  | 541 |  |  |
| California | California | 0 | 0 | 0 | 106244 | 106244 | 0 | 0 |  |  | 106244 |  |  |
| Colorado | Colorado | 0 | 0 | 0 | 953 | 953 | 0 | 0 |  |  | 953 |  |  |
| Georgia | Georgia | 0 | 0 | 0 | 102 | 102 | 0 | 0 |  |  | 102 |  |  |
| Idaho | Idaho | 0 | 0 | 0 | 182 | 182 | 0 | 0 |  |  | 182 |  |  |
| Illinois | Illinois | 0 | 0 | 0 | 967 | 967 | 0 | 0 |  |  | 967 |  |  |
| Indiana | Indiana | 0 | 0 | 0 | 14 | 14 | 0 | 0 |  |  | 14 |  |  |
| Iowa | Iowa | 0 | 0 | 0 | 211 | 211 | 0 | 0 |  |  | 211 |  |  |
| Michigan | Michigan | 0 | 0 | 0 | 1487 | 1487 | 0 | 0 |  |  | 1487 |  |  |
| Multi-State | Multi-State | 0 | 0 | 0 | 406 | 406 | 0 | 0 |  |  | 406 |  |  |
| Nevada | Nevada | 0 | 0 | 0 | 157 | 157 | 0 | 0 |  |  | 157 |  |  |
| New Hampshire | New Hampshire | 0 | 0 | 0 | 1241 | 1241 | 0 | 0 |  |  | 1241 |  |  |
| New Jersey | New Jersey | 0 | 0 | 0 | 98 | 98 | 0 | 0 |  |  | 98 |  |  |
| New York | New York | 0 | 0 | 0 | 1384 | 1384 | 0 | 0 |  |  | 1384 |  |  |
| Ohio | Ohio | 0 | 0 | 0 | 2000 | 2000 | 0 | 0 |  |  | 2000 |  |  |
| Pennsylvania | Pennsylvania | 0 | 0 | 0 | 68 | 68 | 0 | 0 |  |  | 68 |  |  |
| Puerto Rico | Puerto Rico | 0 | 0 | 0 | 9429 | 9429 | 0 | 0 |  |  | 9429 |  |  |
| Texas | Texas | 0 | 0 | 0 | 1022 | 1022 | 0 | 0 |  |  | 1022 |  |  |
| Virginia | Virginia | 0 | 0 | 0 | 164 | 164 | 0 | 0 |  |  | 164 |  |  |
| West Virginia | West Virginia | 0 | 0 | 0 | 116 | 116 | 0 | 0 |  |  | 116 |  |  |
| Wisconsin | Wisconsin | 0 | 0 | 0 | 189 | 189 | 0 | 0 |  |  | 189 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 4065 | 4065 | 0 | 0 |  |  | 4065 |  |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 8592 | 8592 | 0 | 0 |  |  | 8592 |  |  |
| Mutual Funds | Mutual Funds | 2428 | 2428 | 2428 | 0 | 0 | 0 | 0 |  |  | 2428 |  |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |  |
| Banking & Finance | Banking & Finance | 0 | 0 | 0 | 125 | 125 | 0 | 0 |  |  | 125 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 1079 | 1079 | 0 | 0 |  |  | 1079 |  |  |
| Total Investments | Total Investments | $2428 | 2428 | 2428 | $140991 | 140991 | $14230 | 14230 | $ | $ | 157649 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:** |
| Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| $ | $ | 15 | $ | $ | (69) | $0 | 0 | $0 | 0 | $ | $ | $ | (63) |
| $ | $ | 15 | $ | $ | (69) | $0 | 0 | $0 | 0 | $ | $ | $ | (63) |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple | 1.800  | 1.800  | 1.800  |  |  |
| 14038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 5.050 - 8.000  | 5.050 - 8.000  | 5.050 - 8.000  | 6.190 | 6.190 |
| 14230 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

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

**1. BASIS FOR CONSOLIDATION** 

The Fund's subsidiary was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and its subsidiary. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiary.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Subsidiary** | &nbsp;&nbsp; **Date of Formation** | &nbsp;&nbsp; **Subsidiary % of Consolidated Fund Net Assets**<sup>†</sup> |
| &nbsp;&nbsp;&nbsp; 4174 SPV I LLC | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 0.5% |

---

† A zero balance may reflect actual amounts rounding to less than 0.01%.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS** 

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC ("PIMCO") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments, and in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

------

Notes to Financial Statements (Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

**(b) Fair Value Hierarchy** U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

<br>The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the marketderived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

------

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

**3. FEDERAL INCOME TAX MATTERS**

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BOS** | BofA Securities, Inc. |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **USD (or $)** | United States Dollar |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **TSFR3M** | Term SOFR 3-Month |  |  |  |  |
| **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |  |  |  |  |
| **AGM** | Assured Guaranty Municipal | **CM** | California Mortgage Insurance | **FNMA** | Federal National Mortgage Association |
| **BAM** | Build America Mutual Assurance | **FHLMC** | Federal Home Loan Mortgage Corp. | **HUD** | U.S. Department of Housing and Urban Development |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **TBA** | To-Be-Announced | **TBD** | To-Be-Determined | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO California Flexible Municipal Income Fund

- **b. Investment Company Act file number:** 811-23781

- **c. CIK number of Registrant:** 0001911795

- **d. LEI of Registrant:** 549300OTV3LKH8WMXP44

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

  - **Street Address 1:** 1633 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** (844) 312-2113

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

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $159373669.84

**Total Liabilities:** $37204297.31

**Net Assets:** $122169372.53

**Cash Not Reported:** $220845.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 911.591400 | **1-Year:** 1335.339500 | **5-Year:** 15015.743600 | **10-Year:** 33840.284200 | **30-Year:** 5611.602500

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

- **3-Month:** 16.871700 | **1-Year:** 477.577100 | **5-Year:** 7034.416100 | **10-Year:** 21075.970400 | **30-Year:** 1446.096100

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.76%                | 1.64%                | -2.48%               |
| Class ID N/A | 0.80%                | 1.68%                | -2.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $111306.66               | $409888.86                                 |
| Month 2  | $93459.56                | $1602554.36                                |
| Month 3  | $-95579.32               | $-3325073.09                               |

**Designated Index Information**

- **Index Name:** 60% ICE 22y+ California and Puerto Rico Municipal Index, 40% Bloomberg Municipal Bond High Yield Total Return Unhedged USD Index

- **Index Identifier:** U5C0, LMHYTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASGEN 09/45 FIXED OID 5      | CUSIP: 13077ESM3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1840937.64   | 1.51%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF IMPT BD ACT 1915                                         | IRVINE CA IMPT BOND ACT 1915 IRVGEN 09/29 ADJUSTABLE VAR    | CUSIP: 463608U31<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.82%             | 2029-09-02      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| CITY OF DALLAS HOUSING FINANCE CORPORATION                            | DALLAS TX HSG FIN CORP RSDL DE DALHSG 12/62 FIXED OID 6     | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231890.88    | 0.19%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                            | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/38 FIXED 5         | CUSIP: 544445RC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046836.50   | 0.86%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH MF CASMFH 11/36 FIXED 4         | CUSIP: 130483ES5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475101.15    | 0.39%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                              | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 12/36 FIXED OID 4.817 | CUSIP: 63607WAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480705 | PA      | $481137.31    | 0.39%             | 2036-12-20      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000QZT8<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    415535 | PA      | $415044.29    | 0.34%             | 2028-04-01      | Fixed         | 1.38%                 | No            |                  3 | On Loan: No      |
| CITY OF RENO NV                                                       | RENO NV SALES TAX REVENUE RENGEN 07/58 ZEROCPNOID 0         | CUSIP: 759861EJ2<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $156481.20    | 0.13%             | 2058-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CLAIF CMNTY FACS DIST SPL TAX                                | STOCKTON CA CMNTY FACS DIST SP STOFAC 09/54 FIXED OID 5     | CUSIP: 861341TJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $626416.05    | 0.51%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY                           | SAN DIEGO CNTY CA REGL ARPT AU SDGAPT 07/46 FIXED 4         | CUSIP: 79739GNV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460347.70    | 0.38%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTHORITY OF PUERTO RICO                            | GDB DEBT RECOVERY AUTH OF CMWL PRCDEV 08/40 FIXED OID 7.5   | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    749297 | PA      | $735032.03    | 0.60%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY DEVELOPMENT AUTHORITY                              | LOS ANGELES CNTY CA DEV AUTH M LOSDEV 09/59 ADJUSTABLE VAR  | CUSIP: 54467WAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503631.30    | 0.41%             | 2059-09-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/54 FIXED OID 5      | CUSIP: 13078YVH5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575089.87    | 0.47%             | 2054-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERNATIONAL CENTER METROPOLITAN DISTRICT NO 7              | COLORADO INTL CTR MET DIST NO CICDEV 12/51 INT APROID VAR   | CUSIP: 19650TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405989.60    | 0.33%             | 2051-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                 | FED HM LN PC POOL WE6092 FR 01/39 FIXED 3.66                | CUSIP: 3132YBXV3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    725458 | PA      | $686957.33    | 0.56%             | 2039-01-01      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| TOB SECURITIZATION AUTH NORTHNCALIF                                   | TOBACCO SECURITIZATION AUTH NT TOBGEN 06/60 ZEROCPNOID 0    | CUSIP: 888794CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $767488.58    | 0.63%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ANGELINA & NECHES RIVER AUTHORITY                                     | ANGELINA NECHES RIVER AUTH I ANGDEV 12/45 FIXED 7.5         | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $12500.00     | 0.01%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                        | BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/55 FIXED 5          | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1493875.00   | 1.22%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA COUNTY INDUSTRIAL DEVELOPMENT CORP                           | BRAZORIA CNTY TX INDL DEV CORP BZIFAC 06/43 FIXED 12        | CUSIP: 10604PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    109894 | PA      | $5494.71      | 0.00%             | 2043-06-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORITY                                               | BAY AREA CA TOLL AUTH TOLL BRI BAYTRN 04/59 ADJUSTABLE VAR  | CUSIP: 072024C59<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 3.68%             | 2059-04-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 02/55 ADJUSTABLE VAR  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075436.50   | 0.88%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VACAVILLE CITY OF                                                     | VACAVILLE CA SPL TAX VACGEN 09/55 FIXED OID 5.25            | CUSIP: 918581CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997178.10    | 0.82%             | 2055-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE                                                      | CALIFORNIA ST CAS 12/30 FIXED 3.875                         | CUSIP: 13063CXP0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499990.00    | 0.41%             | 2030-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY                       | CALIFORNIA CNTY CA TOBACCO SEC CASGEN 06/55 ZEROCPNOID 0    | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $274369.65    | 0.22%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | REPO BANK AMERICA REPO                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               |  | US        |   1079375 | PA      | $1079375.00   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/40 FIXED OID 5     | CUSIP: 13051AND6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1396598.82   | 1.14%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VALLEY CLEAN ENERGY AUTHORITY                             | SAN JOAQUIN VLY CLEAN ENERGY A SSJUTL 01/56 ADJUSTABLE VAR  | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |    700000 | PA      | $762874.98    | 0.62%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                   | CALIFORNIA PUBLIC FIN AUTH REV CASGEN 07/54 FIXED OID 6.25  | CUSIP: 13057EDH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258072.70    | 0.21%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                           | CALIFORNIA ST EDUCTNL FACS AUT CASEDU 10/53 FIXED OID 5.5   | CUSIP: 130179VJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486905.35    | 0.40%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALHOUN COUNTY NAVIGATION INDUSTRIAL DEVELOPMENT AUTHORITY            | CALHOUN CNTY TX NAVIGATION IND CLHDEV 07/26 FIXED 3.625     | CUSIP: 129729AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247638.75    | 0.20%             | 2026-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000QZR2<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    273769 | PA      | $273768.60    | 0.22%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 11/54 FIXED 5.625     | CUSIP: 13048V3G1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505439.75    | 0.41%             | 2054-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/50 FIXED 5          | CUSIP: 13078YWK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504572.65    | 0.41%             | 2050-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUBLIC FINANCING AUTHORITY                              | RIVER ISLANDS CA PUBLIC FING A RIVER ISLANDS PUB FIN        | CUSIP: 76827QKZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959442.80    | 0.79%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND              | NUVEEN CALIFORNIA AMT FREE QUA NUVEEN CA AMT FR MUNI INC    | CUSIP: 670651108<br>LEI: 5493005SR7RRUAG9VK19 | Long             | EC               | CORP              | US        |     70100 | NS      | $834190.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/44 FIXED 5          | CUSIP: 13078YZH1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268925.83    | 0.22%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY                           | SAN DIEGO CNTY CA REGL ARPT AU SDGAPT 07/58 FIXED OID 5.25  | CUSIP: 79739GRM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $715548.05    | 0.59%             | 2058-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY                                                | IOWA ST FIN AUTH REVENUE IASGEN 01/42 FIXED OID 8           | CUSIP: 46247SCZ5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    250000 | PA      | $211162.23    | 0.17%             | 2042-01-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/44 FIXED 5         | CUSIP: 13051AHP6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    325000 | PA      | $330129.48    | 0.27%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT COMMUNITY DEVEL                                        | FARMS NEW KENT VA CMNTY DEV AU FRMDEV 03/36 FIXED 3.75      | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $164218.45    | 0.13%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/54 FIXED 5.125     | CUSIP: 13051AGT9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501759.15    | 0.41%             | 2054-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE                                                      | CALIFORNIA ST CAS 09/34 FIXED 4                             | CUSIP: 13063CS76<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203050.28   | 0.98%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                | California Statewide Communities Development Authority      | CUSIP: BA000DPG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1372440 | PA      | $1301621.72   | 1.07%             | 2038-05-01      | Fixed         | 4.04%                 | Yes           |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000Q611<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    338154 | PA      | $338154.00    | 0.28%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PUERTO RICO GOVT                                                      | PUERTO RICO CMWLTH PRC 07/41 FIXED 4                        | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1158191.00   | 0.95%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY                        | BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/57 ZEROCPNOID 0     | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $234042.88    | 0.19%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/45 FIXED 5         | CUSIP: 13051AQA9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    950000 | PA      | $960928.99    | 0.79%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MULTIFAMILY ML CERTIFICATES                               | FREDDIE MAC MULTIFAMILY FRETE 2023 ML18 ACA                 | CUSIP: 3137HASQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |    482574 | PA      | $406123.25    | 0.33%             | 2037-09-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY TOBACCO SECURITIZATION AGENCY                       | CALIFORNIA CNTY CA TOBACCO SEC CASGEN 06/50 FIXED 5         | CUSIP: 13016NGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $401402.67    | 0.33%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                              | PUBLIC FIN AUTH WI EDUCTNL FAC PUBFIN 06/45 FIXED OID 6.5   | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    125000 | PA      | $111578.43    | 0.09%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                 | FED HM LN PC POOL WE5042 FR 06/43 FIXED 3.6                 | CUSIP: 3132YAS74<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    243976 | PA      | $223947.17    | 0.18%             | 2043-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CAL T                              | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/34 FIXED 5         | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265657.65    | 0.22%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELECTRIC POWER AUTHORITY                                  | PUERTO RICO ELEC PWR AUTH 07/40 0                           | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $665000.00    | 0.54%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HSG FIN AGY LTD OBL CA HSG FIN AGY H             | CUSIP: 13034DAF1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012262.80   | 1.65%             | 2053-11-01      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/45 FIXED OID 5.25  | CUSIP: 13051ANS3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $614942.46    | 0.50%             | 2045-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/55 ADJUSTABLE VAR  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2497824.23   | 2.04%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                 | FED HM LN PC POOL WE6121 FR 07/41 FIXED 3.85                | CUSIP: 3132YBYS9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1380709 | PA      | $1295911.20   | 1.06%             | 2041-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA ST HSG FIN AGY MF T CASHSG 08/41 FIXED 4.25      | CUSIP: 130331AE1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1395205 | PA      | $1376196.45   | 1.13%             | 2041-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                    | US TREASURY N/B 03/31 4.125                                 | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201445.31    | 0.16%             | 2031-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SPRING VALLEY COMMUNITY INFRASTRUCTURE DISTRICT NO 1                  | SPRING VLY CMNTY INFRASTRUCTUR SPVGEN 09/51 FIXED 3.75      | CUSIP: 850072AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    191000 | PA      | $182193.10    | 0.15%             | 2051-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING FIN AGY MTG REV                                     | LOUISIANA HOUSING FIN AGY MTG REV                           | CUSIP: BA000TV66<br>LEI: 549300VL35TBE7RSJH61 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2501250.00   | 2.05%             | 2026-07-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SO CASPOL 07/41 ADJUSTABLE VAR  | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.65%             | 2041-07-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCE AUTHORITY                                  | TOBACCO SETTLEMENT FIN AUTH WV TOBGEN 06/47 ZEROCPNOID 0    | CUSIP: 88880LAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $116142.75    | 0.10%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                | PUERTO RICO SALES TAX FING COR PRCGEN 07/58 FIXED OID 5     | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $952125.00    | 0.78%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CLAIF CMNTY FACS DIST SPL TAX                                | STOCKTON CA CMNTY FACS DIST SP STOFAC 09/44 FIXED 5         | CUSIP: 861341TG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382330.88    | 0.31%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEPARTMENT OF VETERANS AFFAIRS VETERANS FARM & HOME PURCHASE PROGRAM  | CALIFORNIA ST DEPT OF VETERANS CASHSG 12/46 FIXED 4.95      | CUSIP: 130658SS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256849.53    | 0.21%             | 2046-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG FIN AUTH SGL FAML PROG                                   | COLORADO ST HSG FIN AUTH MF HS CO HSG + FIN AUTH A          | CUSIP: 19647PDP5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    300000 | PA      | $291221.64    | 0.24%             | 2054-06-01      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 01/39 FIXED 6         | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040420.60   | 0.85%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 04/43 FIXED 5         | CUSIP: 13080S3F9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216320.88    | 0.18%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000PYN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    323051 | PA      | $323051.02    | 0.26%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000Q637<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $598957.97    | 0.49%             | 2028-04-01      | Fixed         | 1.73%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 04/48 FIXED 5         | CUSIP: 13080S3L6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $413354.48    | 0.34%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                   | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/66 ZEROCPNOID 0    | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $501079.00    | 0.41%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BERKS COUNTY MUNICIPAL AUTHORITY                                      | BERKS CNTY PA MUNI AUTH BERKS CO MUNI AUTH A1               | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     22000 | PA      | $23455.17     | 0.02%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE ATLANTA DEVELOPMENT AUTHORITY                                     | ATLANTA GA DEV AUTH ATLDEV 04/34 FIXED 5                    | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101781.51    | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                    | US TREASURY N/B 02/31 3.5                                   | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2451660.15   | 2.01%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RIALTO CITY OF                                                        | RIALTO CA SPL TAX RIAGEN 09/55 FIXED 5                      | CUSIP: 762485FM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495514.05    | 0.41%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                              | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 07/39 ADJUSTABLE VAR  | CUSIP: 63607WBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    791143 | PA      | $759902.19    | 0.62%             | 2039-07-20      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                      | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                 | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $318750.00    | 0.26%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AM Bidco                                                              | AM Bidco                                                    | CUSIP: 958ADP902<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         9 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ELK GROVE FINANCE AUTHORITY                                           | ELK GROVE CA FIN AUTH SPL TAX ELKGEN 09/46 FIXED 5          | CUSIP: 287254ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498330.60    | 0.41%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN TOBACCO SETTLEMENT FINANCE AUTHORITY                         | MICHIGAN ST TOBACCO SETTLEMENT MISGEN 06/46 ZEROCPNOID 0    | CUSIP: 594751AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $203959.20    | 0.17%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH MU CASMFH 02/41 ADJUST OID VAR  | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    990657 | PA      | $846709.10    | 0.69%             | 2041-02-20      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| CLOVIS UNIFIED SCHOOL DISTRICT                                        | CLOVIS CA UNIF SCH DIST CVSSCD 08/41 FIXED 5.25             | CUSIP: 189342Q35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536696.00    | 0.44%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 11/45 FIXED 5.375     | CUSIP: 13048V3F3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    775000 | PA      | $794255.88    | 0.65%             | 2045-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CAL T                              | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/54 ZEROCPNOID 0    | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $357222.40    | 0.29%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                 | FED HM LN PC POOL WE2060 FR 02/38 FIXED 3.85                | CUSIP: 3132Y7JD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    979738 | PA      | $950247.46    | 0.78%             | 2038-02-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE COMMUNITY FACILITIES DISTRICT                          | MOUNTAIN HOUSE CMNTY FACS DIST MTHDEV 09/40 FIXED 5         | CUSIP: 62412KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514390.95    | 0.42%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                      | CUSIP: BA000Y5B3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1199431.02   | 0.98%             | 2028-09-01      | Fixed         | 0.42%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA STATE UNIVERSITY                                           | CALIFORNIA ST UNIV REVENUE CASHGR 11/43 FIXED OID 4         | CUSIP: 13077CX41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488762.95    | 0.40%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORPORATION                                        | BUILD NYC RESOURCE CORP NY REV BUIGEN 06/32 FIXED 5         | CUSIP: 12008ETH9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203489.14    | 0.17%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH MF CASMFH 12/42 FIXED 4.45      | CUSIP: 130483GQ7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $899267.85    | 0.74%             | 2042-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 10/35 FIXED 5         | CUSIP: 13080S2X1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1241186.65   | 1.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUBLIC FINANCING AUTHORITY                              | RIVER ISLANDS CA PUBLIC FING A RVIGEN 09/52 FIXED OID 5.75  | CUSIP: 76827QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255778.50    | 0.21%             | 2052-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRVINE RANCH WATER DISTRICT                                           | IRVINE RANCH CA WTR DIST IVRWTR 10/41 ADJUSTABLE VAR        | CUSIP: 4636324K2<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.64%             | 2041-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| DOMINION WATER & SANITATION DISTRICT                                  | DOMINION WTR   SANTN DIST CO R DOMWTR 12/32 FIXED 5.25      | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256147.65    | 0.21%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL FINANCE AUTHORITY                                   | CALIFORNIA SCH FIN AUTH SCH FA CASSCD 07/54 FIXED 5         | CUSIP: 13059TJR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $482835.05    | 0.40%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC                    | BLACKROCK MUNIHOLDINGS CALIFOR BLACKROCK MUNIHOLD CA QLTY   | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             | EC               | CORP              | US        |     70489 | NS      | $733085.60    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HSG FIN AGY LTD OBL CASMFH 03/53 ADJUSTABLE VAR  | CUSIP: 13034DAJ3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010848.50   | 0.83%             | 2053-03-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 04/47 FIXED 5         | CUSIP: 13080S3K8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312032.61    | 0.26%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFORNIA                                              | UNIV OF CALIFORNIA REVENUES UNVHGR 05/48 ADJUSTABLE VAR     | CUSIP: 91412GSG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 1.15%             | 2048-05-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/49 FIXED OID 5      | CUSIP: 13078YVG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    525000 | PA      | $530091.08    | 0.43%             | 2049-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                   | CALIFORNIA PUBLIC FIN AUTH REV CASGEN 07/62 ADJUSTABLE VAR  | CUSIP: 13057EFQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.64%             | 2062-07-15      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 11/54 ADJUSTABLE VAR  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791615.18    | 0.65%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SANGER UNIFIED SCHOOL DISTRICT                                        | SANGER CA UNIF SCH DIST COPS SGREDU 06/49 FIXED 5           | CUSIP: 800860EL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001110.30   | 0.82%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                             | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/34 FIXED 5.25         | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524653.60    | 0.43%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                              | PUBLIC FIN AUTH WI SPL REVENUE PUBFAC 09/29 ZEROCPNOID 0    | CUSIP: 74447TAA0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $77684.00     | 0.06%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/46 FIXED 5          | CUSIP: 13078YYK5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    860000 | PA      | $879684.02    | 0.72%             | 2046-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                      | CALIFORNIA ST HLTH FACS FING A CASMED 11/38 FIXED 4         | CUSIP: 13032UMM7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1451187.75   | 1.19%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ROSEVILLE CA                                                  | ROSEVILLE CA SPL TAX ROSGEN 09/33 FIXED 5                   | CUSIP: 777870XV3<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508805.25    | 0.42%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                   | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/51 FIXED 5         | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1470221.70   | 1.20%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                   | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/50 FIXED 3.85      | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $123425.80    | 0.10%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                      | CALIFORNIA ST HLTH FACS FING A CASMED 03/41 ADJUSTABLE VAR  | CUSIP: 13032UJ33<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1950000.00   | 1.60%             | 2041-03-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/53 FIXED 5         | CUSIP: 13080STL8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300001.89    | 0.25%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 02/54 ADJUSTABLE VAR  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316999.50    | 0.26%             | 2054-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 05/54 ADJUSTABLE VAR  | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3165906.00   | 2.59%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY COMMUNITY FACILITIES DISTRICT                           | ORANGE CNTY CA CMNTY FACS DIST ORANGE CO CMNTY FACS         | CUSIP: 68423PA83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552219.05   | 1.27%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HSG FIN AGY LTD OBL CASMFH 03/53 ADJUSTABLE VAR  | CUSIP: 13034DAK0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244264.50    | 0.20%             | 2053-03-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                    | US TREASURY N/B 04/31 4.625                                 | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1647750.00   | 1.35%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE | UNIV OF CALIFORNIA CA RGTS MED UNVHGR 05/45 ADJUSTABLE VAR  | CUSIP: 913366KA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.64%             | 2045-05-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/54 ADJUSTABLE VAR  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317474.49    | 0.26%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000RHP4<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    408870 | PA      | $408249.93    | 0.33%             | 2028-04-01      | Fixed         | 1.22%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000RHM1<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    217130 | PA      | $217130.00    | 0.18%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| MICHIGAN STATE HOSPITAL FINANCE AUTHORITY                             | MICHIGAN ST HOSP FIN AUTH MISMED 08/55 ADJUSTABLE VAR       | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091635.90   | 0.89%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                   | CALIFORNIA CMNTY HSG AGY ESSEN CCHHSG 02/56 FIXED OID 4     | CUSIP: 13013FAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $491202.70    | 0.40%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 04/49 FIXED 5         | CUSIP: 13080S3M4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $447686.51    | 0.37%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 12/53 ADJUSTABLE VAR  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523433.15    | 0.43%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIO FINANCE AUTHORITY                                               | INDIO CA PUBLIC FING AUTH INDGEN 11/52 FIXED OID 4.5        | CUSIP: 45571LDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248579.43    | 0.20%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENTO CA                                               | SACRAMENTO CNTY CA SPL TAX SACGEN 09/36 FIXED 5             | CUSIP: 786153RR9<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    270000 | PA      | $282559.00    | 0.23%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CITY OF                                                | RANCHO CORDOVA CA CMNTY FACS D RCRFAC 09/55 FIXED 5         | CUSIP: 75211RTD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $636374.96    | 0.52%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000QPH5<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    304757 | PA      | $304756.82    | 0.25%             | 2044-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK               | CALIFORNIA ST INFRASTRUCTURE CASDEV 01/56 FIXED 5           | CUSIP: 13034AQ86<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    310000 | PA      | $262748.25    | 0.22%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LINCOLN CA                                                    | LINCOLN CA SPL TAX LINGEN 09/50 FIXED 5                     | CUSIP: 533042MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $558386.76    | 0.46%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CITY HIGH SCHOOL DISTRICT                                  | SANTA CRUZ CITY CA HIGH SCH DI SCZSCD 08/42 FIXED 4         | CUSIP: 801733KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973512.20    | 0.80%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/41 FIXED 5         | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500442.10    | 0.41%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AM Bidco Secured                                                      | AM Bidco Secured                                            | CUSIP: BA000R643<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    226130 | PA      | $187284.89    | 0.15%             | 2027-10-21      | Fixed         | 2.67%                 | Yes           |                  3 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HSG FIN AGY LTD OBL CA HSG FIN AGY  I 2          | CUSIP: 13034DAE4<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1744830.33   | 1.43%             | 2054-06-01      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                      | CUSIP: BA000Y564<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |    658639 | PA      | $658638.74    | 0.54%             | 2043-09-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| COUNTY OF SACRAMENTO CA                                               | SACRAMENTO CNTY CA SPL TAX SACGEN 09/47 FIXED 5             | CUSIP: 786153RU2<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100118.41    | 0.08%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH UNIFIED SCHOOL DISTRICT                                    | LONG BEACH CA UNIF SCH DIST LONSCD 08/37 ZEROCPNOID 0       | CUSIP: 542433QM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $308020.40    | 0.25%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF EDUCATION                                            | CHICAGO IL BRD OF EDU CHIEDU 12/40 FIXED OID 5              | CUSIP: 167505A30<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966517.20    | 0.79%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFORNIA                                              | UNIV OF CALIFORNIA CA REVENUES UNVHGR 11/43 FIXED 5         | CUSIP: 91412HYB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1211808.07   | 0.99%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.329     | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    250000 | PA      | $246662.28    | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORPORATION                              | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5         | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97390.76     | 0.08%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH MU CASGEN 11/40 ADJUSTABLE VAR  | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    996486 | PA      | $954649.96    | 0.78%             | 2040-11-20      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL FINANCE AUTHORITY                                   | CALIFORNIA ST SCH FIN AUTH CHR CASSCD 07/59 FIXED 5         | CUSIP: 13058TUF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486435.15    | 0.40%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 09/30 FIXED 3         | CUSIP: 13048VUM8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    220000 | PA      | $210285.94    | 0.17%             | 2030-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 09/40 FIXED OID 4.375 | CUSIP: 13080SY73<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    915000 | PA      | $903516.48    | 0.74%             | 2040-09-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY                                   | CALIFORNIA PUBLIC FIN AUTH REV CASGEN 11/49 FIXED 5         | CUSIP: 13056HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755769.60    | 0.62%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORITY                                               | BAY AREA CA TOLL AUTH TOLL BRI BAYTRN 04/59 ADJUSTABLE VAR  | CUSIP: 072024YY2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.64%             | 2059-04-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/39 FIXED 5         | CUSIP: 13051AGQ5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    275000 | PA      | $284071.15    | 0.23%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                 | FED HM LN PC POOL WE6105 FR 12/40 FIXED 3.6                 | CUSIP: 3132YBYA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    977022 | PA      | $908177.54    | 0.74%             | 2040-12-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA ST STWD CMNTYS DEVA CASPOL 11/33 FIXED 4.5       | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062014.40   | 1.69%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                 | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 10/46 FIXED 3.4       | CUSIP: 126292AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $354241.54    | 0.29%             | 2046-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORITY                                               | BAY AREA CA TOLL AUTH TOLL BRI BAYTRN 04/55 ADJUSTABLE VAR  | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 4.09%             | 2055-04-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                      | CALIFORNIA ST HLTH FACS FING A CASMED 03/40 ADJUSTABLE VAR  | CUSIP: 13032UG93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516633.35    | 0.42%             | 2040-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED SCHOOL DISTRICT/CA                                | LOS ANGELES CA UNIF SCH DIST LOSSCD 07/41 FIXED 5           | CUSIP: 544647GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547472.10    | 0.45%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY COMMUNITY FACILITIES DISTRICT                           | ORANGE CNTY CA CMNTY FACS DIST ORAFAC 08/47 FIXED 5         | CUSIP: 68423PZJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252601.48    | 0.21%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FIREBAUGH CA                                                  | FIREBAUGH CA LEASE AGREEMENT FRBGEN 08/39 FIXED 4           | CUSIP: 31813EAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $220758.68    | 0.18%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK               | CALIFORNIA INFRASTRUCTURE   EC CA INFRA + ECON DEV          | CUSIP: 13035CAB1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $457227.40    | 0.37%             | 2054-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EASTERN MUNICIPAL WATER DISTRICT                                      | ESTRN CA MUNI WTR DIST WTR   W EASWTR 07/46 ADJUSTABLE VAR  | CUSIP: 27627TBV3<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.82%             | 2046-07-01      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY                                           | CMFA SPL FIN AGY CA ESSENTIAL CMFHSG 08/45 FIXED 4          | CUSIP: 12574WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $527216.17    | 0.43%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHORITY                                             | INDIANA ST FIN AUTH EXEMPT FAC INSGEN 03/39 FIXED OID 7     | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    280000 | PA      | $14000.00     | 0.01%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS                            | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/41 FIXED OID 4     | CUSIP: 544445C49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485465.15    | 0.40%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORPORATION                                        | BUILD NYC RESOURCE CORP NY REV BUIGEN 12/50 FIXED OID 5.625 | CUSIP: 12008EPK6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $83362.63     | 0.07%             | 2050-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION                       | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 04/35 FIXED 6         | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097119.10   | 0.90%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                | OHIO ST AIR QUALITY DEV AUTH E OHSDEV 07/49 FIXED 5         | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    300000 | PA      | $272030.10    | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK               | CALIFORNIA ST INFRASTRUCTURE CASDEV 01/61 ZEROCPNOID 0      | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3885000 | PA      | $320396.34    | 0.26%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY                             | ALAMEDA CA CORRIDOR TRANSPRTN ALATRN 10/50 INT APROID VAR   | CUSIP: 010869JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $567143.80    | 0.46%             | 2050-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| WILD RIVERS WATER PARK                                                | WILD RIVERS WATER PARK SECURED 11/51 8.5                    | CUSIP: 96810LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $154633.46    | 0.13%             | 2051-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 04/50 FIXED 5         | CUSIP: 13080S3N2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    315000 | PA      | $323298.71    | 0.26%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO HONDO CALIF CMNTY COLLEGE DIST                                    | RIO HONDO CA CMNTY CLG DIST RHDHGR 08/46 ZEROCPNOID 0       | CUSIP: 767121EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $375986.70    | 0.31%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                    | US TREASURY N/B 02/31 4.25                                  | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1215726.56   | 1.00%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY                      | CALIFORNIA ST HLTH FACS FING A CASMED 10/50 ADJUSTABLE VAR  | CUSIP: 13032U4R6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682414.10   | 1.38%             | 2050-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                | California Statewide Communities Development Authority      | CUSIP: BA000DPH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3850466 | PA      | $3476971.10   | 2.85%             | 2041-04-01      | Fixed         | 4.23%                 | Yes           |                  3 | On Loan: No      |
| ARKANSAS DEVELOPMENT FINANCE AUTHORITY                                | ARKANSAS ST DEV FIN AUTH INDL ARSDEV 07/48 FIXED 12         | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541086.05    | 0.44%             | 2048-07-01      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000QPK8<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | CORP              | US        |    513736 | PA      | $512984.60    | 0.42%             | 2028-04-01      | Fixed         | 1.43%                 | No            |                  3 | On Loan: No      |
| LOS ANGELES HOUSING AUTHORITY                                         | LOS ANGELES CA HSG AUTH MF TAX LOSMFH 07/46 FIXED 4.5       | CUSIP: 54456HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $578869.02    | 0.47%             | 2046-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH CO CASMED 11/36 FIXED 5.25      | CUSIP: 130493CK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207495.46    | 0.17%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 02/52 ADJUSTABLE VAR  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248213.13   | 1.02%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUND                       | NUVEEN CALIFORNIA QUALITY MUNI NUVEEN CA QLTY MUNI INC      | CUSIP: 67066Y105<br>LEI: 549300ZT6V9X5U9BHR46 | Long             | EC               | CORP              | US        |     73900 | NS      | $860935.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE    | SAN FRANCISCO CITY   CNTY CA P SFOWTR 11/39 FIXED 4         | CUSIP: 79765RJ67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985011.70    | 0.81%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKS COUNTY MUNICIPAL AUTHORITY                                      | BERKS CNTY PA MUNI AUTH BERKS CO MUNI AUTH A1               | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     44000 | PA      | $44928.19     | 0.04%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY                                 | CSCDA CMNTY IMPT AUTH CA ESSEN CDAHSG 02/57 FIXED 4         | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $187111.03    | 0.15%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                      | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                 | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1734633 | PA      | $1203401.85   | 0.99%             | 2051-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| M-S-R ENERGY AUTHORITY                                                | M S R CA ENERGY AUTH GAS REVEN MSRPWR 11/39 FIXED OID 6.5   | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    330000 | PA      | $391502.33    | 0.32%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                | PUERTO RICO SALES TAX FING COR PRCGEN 07/46 ZEROCPNOID 0    | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $1760785.00   | 1.44%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA MUNICIPAL FINANCE AUTHORITY                      | CUSIP: BA000Y580<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | CORP              | US        |    298662 | PA      | $298662.00    | 0.24%             | 2028-09-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH SOUTHN CAL T                              | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/48 FIXED 5         | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003004.00   | 0.82%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/49 FIXED OID 5     | CUSIP: 13051AHQ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675788.81    | 0.55%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LINCOLN CA                                                    | LINCOLN CA SPL TAX LINGEN 09/55 FIXED 5.05                  | CUSIP: 533042ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481551.10    | 0.39%             | 2055-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HSG FIN AGY LTD OBL CASMFH 07/40 FIXED 4.1       | CUSIP: 13034DAM6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983318.70    | 0.80%             | 2040-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO GOVT                                                      | PUERTO RICO CMWLTH PRC 11/43 ADJUSTABLE VAR                 | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1542857 | PA      | $1035642.86   | 0.85%             | 2043-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY                           | CALIFORNIA ST EDUCTNL FACS AUT CASEDU 04/47 FIXED 5         | CUSIP: 130179JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002825.50   | 0.82%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY                      | CALIFORNIA ST POLL CONTROL FIN CASPOL 03/42 ADJUSTABLE VAR  | CUSIP: 13053RAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.64%             | 2042-03-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| CITY OF SACRAMENTO CA                                                 | SACRAMENTO CA SPL TAX SACGEN 09/50 FIXED 4                  | CUSIP: 786071RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427585.60    | 0.35%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                  | JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR                  | CUSIP: 000000000<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    125000 | NS      | $124518.75    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Woodland Community Facilities District                        | City of Woodland Community Facilities District              | CUSIP: 948GDAII6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    701443 | PA      | $680287.50    | 0.56%             | 2034-09-01      | Fixed         | 4.40%                 | Yes           |                  3 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SC CASFAC 05/44 FIXED 5.5       | CUSIP: 13051BAB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355251.68    | 0.29%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING FINANCE AGENCY                                     | CALIFORNIA HOUSING FINANCE AGENCY                           | CUSIP: BA000PYM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    530242 | PA      | $529299.51    | 0.43%             | 2028-04-01      | Fixed         | 1.74%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY                       | CALIFORNIA CMNTY CHOICE FING A CCEDEV 10/54 ADJUSTABLE VAR  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    590000 | PA      | $641915.63    | 0.53%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY VIII                                      | CMFA SPL FIN AGY VIII CA ESSEN CMFHSG 08/47 FIXED 4         | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $201277.25    | 0.16%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE                | PUERTO RICO SALES TAX FING COR PRCGEN 07/51 ZEROCPNOID 0    | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4500000 | PA      | $1153454.85   | 0.94%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY                | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/46 FIXED 5         | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400021.52    | 0.33%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY                                | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/34 FIXED 4.25      | CUSIP: 13051AGP7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    245000 | PA      | $250774.06    | 0.21%             | 2034-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION                                   | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/41 FIXED 3.714     | CUSIP: 38122ND58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $396590.90    | 0.32%             | 2041-06-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| CITY OF DETROIT                                                       | DETROIT MI DET 04/44 ADJUSTABLE VAR                         | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    248580 | PA      | $191661.59    | 0.16%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN RAFAEL CITY ELEMENTARY SCHOOL DISTRICT                            | SAN RAFAEL CA ELEM SCH DIST SRFSCD 08/47 FIXED 4            | CUSIP: 799306QE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235587.20    | 0.19%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                    | US TREASURY N/B 02/28 3.375                                 | CUSIP: 91282CQB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3100000 | PA      | $3075781.25   | 2.52%             | 2028-02-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** PIMCO California Flexible Municipal Income Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer