# EDGAR Filing Document

**Accession Number:** 0000765199
**File Stem:** 0001410368-26-039529
**Filing Date:** 2026-4
**Character Count:** 157451
**Document Hash:** 73dda1ea9357bcf88773bf91e848b400
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-039529.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001410368-26-039529

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04264
- **FILM NUMBER:** 26886457

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

February 28, 2026

2026 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed Income Funds — 1.0%** | **Fixed Income Funds — 1.0%** |  |
| iShares California Muni Bond ETF<sup>(a)(b)</sup> | 420000 | &nbsp;&nbsp; $24532200 |
| **Total Investment Companies — 1.0%** <br>**(Cost: $24,532,074)** | **Total Investment Companies — 1.0%** <br>**(Cost: $24,532,074)** | &nbsp;&nbsp; 24532200 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 85.3%** | **California — 85.3%** |  |
| **Corporate — 13.6%** | **Corporate — 13.6%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 12/01/35 | $24500 | &nbsp;&nbsp; 27591028 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54<sup>(c)</sup> | 14315 | &nbsp;&nbsp; 15731839 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 01/01/56<sup>(c)</sup> | 15000 | &nbsp;&nbsp; 16069491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<sup>(c)</sup><br>| 45000 | &nbsp;&nbsp; 49984222 |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.00%, 02/01/55<sup>(c)</sup> | 20110 | &nbsp;&nbsp; 22249071 |
| &nbsp;&nbsp;&nbsp; Series E, Sustainability Bonds, 5.00%, 10/01/56<sup>(c)</sup> | 60000 | &nbsp;&nbsp; 67196417 |
| &nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, 5.00%, 02/01/54<sup>(c)</sup> | 51000 | &nbsp;&nbsp; 55156429 |
| &nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, 5.00%, 11/01/33 | 15000 | &nbsp;&nbsp; 16599678 |
| &nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, 5.00%, 02/01/55<sup>(c)</sup> | 27535 | &nbsp;&nbsp; 30226078 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55<sup>(c)</sup> | 22460 | &nbsp;&nbsp; 23672898 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series B, <br> AMT, 3.25%, 07/01/51<sup>(c)</sup><br>| 4450 | &nbsp;&nbsp; 4452407 |
| California Pollution Control Financing Authority, RB<sup>(c)(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 3.25%, 11/01/42 | 2250 | &nbsp;&nbsp; 2250393 |
| &nbsp;&nbsp;&nbsp; Series A2, AMT, 3.25%, 11/01/42 | 2625 | &nbsp;&nbsp; 2625458 |
|  |  | &nbsp;&nbsp; 333805409 |
| **County/City/Special District/School District — 26.9%** | **County/City/Special District/School District — 26.9%** |  |
| Alameda County Fire Department, GO, 06/01/50 | 2850 | &nbsp;&nbsp; 3070228 |
| &nbsp;&nbsp;&nbsp; Benicia Unified School District, GO, Series B, Election <br> 2024, 5.00%, 08/01/51<br>| 2500 | &nbsp;&nbsp; 2678978 |
| &nbsp;&nbsp;&nbsp; Brea Olinda Unified School District, GO, Series A, <br> 5.00%, 08/01/49<br>| 2050 | &nbsp;&nbsp; 2200304 |
| &nbsp;&nbsp;&nbsp; Butte-Glenn Community College District, GO, Series D, <br> Election 2016, 5.00%, 08/01/50<br>| 7205 | &nbsp;&nbsp; 7735126 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, 1.60%, 10/01/29<br>| 3575 | &nbsp;&nbsp; 3344453 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 14310 | &nbsp;&nbsp; 15454723 |
| &nbsp;&nbsp;&nbsp; Chaffey Community College District, GO, Series B-1, <br> Election 2018, 5.50%, 06/01/49<br>| 7500 | &nbsp;&nbsp; 8355287 |
| &nbsp;&nbsp;&nbsp; Chaffey Joint Union High School District, GO, Series H, <br> Election 2012, 5.00%, 08/01/49<br>| 3045 | &nbsp;&nbsp; 3268540 |
| &nbsp;&nbsp;&nbsp; Chino Valley Unified School District, GO, Series D, <br> 5.00%, 08/01/49<br>| 3075 | &nbsp;&nbsp; 3300742 |
| Citrus Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2020, 5.00%, 08/01/46 | 3840 | &nbsp;&nbsp; 4187054 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2020, 5.00%, 08/01/49 | 1680 | &nbsp;&nbsp; 1802090 |
| City of Lake Elsinore California, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/41 | 500 | &nbsp;&nbsp; 535038 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/46 | 475 | &nbsp;&nbsp; 493607 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/51 | 650 | &nbsp;&nbsp; 661942 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/55 | 650 | &nbsp;&nbsp; 659063 |
| &nbsp;&nbsp;&nbsp; City of Sacramento California Transient Occupancy Tax <br> Revenue, RB, Series A, 5.00%, 06/01/48<br>| 10000 | &nbsp;&nbsp; 10278303 |
| City of San Jose California, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/48 | 5810 | &nbsp;&nbsp; 6336068 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| City of San Jose California, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/49 | $8920 | &nbsp;&nbsp; $9676278 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/50 | 7535 | &nbsp;&nbsp; 8157894 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/51 | 7705 | &nbsp;&nbsp; 8320975 |
| City of Wildomar, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/46 | 325 | &nbsp;&nbsp; 336460 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/51 | 600 | &nbsp;&nbsp; 610105 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/55 | 550 | &nbsp;&nbsp; 558507 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, GO, Series A, Election <br> 2024, 5.00%, 08/01/50<br>| 4665 | &nbsp;&nbsp; 4921260 |
| &nbsp;&nbsp;&nbsp; Coast Community College District, GO, Series B, <br> Election 2002, (AGM), 0.00%, 08/01/30<sup>(e)</sup><br>| 26425 | &nbsp;&nbsp; 23855885 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, GO, Series A, Election <br> 2024, 5.75%, 08/01/50<br>| 4840 | &nbsp;&nbsp; 5543109 |
| &nbsp;&nbsp;&nbsp; Del Mar Union School District, GO, Series B, Election <br> 2018, 4.00%, 08/01/46<br>| 4280 | &nbsp;&nbsp; 4332173 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, GO, Election 2016, <br> 5.00%, 08/01/51<br>| 13275 | &nbsp;&nbsp; 14279140 |
| Foothill-De Anza Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/43 | 3000 | &nbsp;&nbsp; 3429117 |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/44 | 3150 | &nbsp;&nbsp; 3548853 |
| &nbsp;&nbsp;&nbsp; Series D, Election 2020, 5.00%, 08/01/45 | 3000 | &nbsp;&nbsp; 3337043 |
| &nbsp;&nbsp;&nbsp; Fremont Unified School District/Alameda County <br> California, GO, Series A, Election 2024, 5.25%, <br> 08/01/43<br>| 7565 | &nbsp;&nbsp; 8556772 |
| &nbsp;&nbsp;&nbsp; Fremont Union High School District, GO, Election <br> 2022, 4.00%, 08/01/48<br>| 22500 | &nbsp;&nbsp; 22445876 |
| &nbsp;&nbsp;&nbsp; Glendale Community College District, GO, Series A, <br> Election 2024, 5.00%, 08/01/50<br>| 2500 | &nbsp;&nbsp; 2675859 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation <br> Authority Sales Tax Revenue, RB, Series A, 5.00%, <br> 07/01/42<br>| 8945 | &nbsp;&nbsp; 9907667 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority <br> Refunding RB, Series H, 5.50%, 12/01/49<br>| 6500 | &nbsp;&nbsp; 7243285 |
| &nbsp;&nbsp;&nbsp; Los Gatos Union School District, GO, Election 2024, <br> 5.00%, 08/01/52<br>| 12275 | &nbsp;&nbsp; 13072179 |
| Lucia Mar Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, Election 2016, 5.25%, 08/01/47 | 9275 | &nbsp;&nbsp; 9921655 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 08/01/51<sup>(f)</sup> | 1500 | &nbsp;&nbsp; 1616530 |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, <br> S/F Housing, Series B, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 5.00%, 08/01/52<br>| 5985 | &nbsp;&nbsp; 6399759 |
| &nbsp;&nbsp;&nbsp; Modesto High School District, GO, Series B, Election <br> 2022, 5.25%, 08/01/50<br>| 3325 | &nbsp;&nbsp; 3656022 |
| &nbsp;&nbsp;&nbsp; Mt San Antonio Community College District, GO, <br> Series A, Election 2024, 5.00%, 08/01/50<br>| 23095 | &nbsp;&nbsp; 25001063 |
| &nbsp;&nbsp;&nbsp; Salinas Union High School District, GO, Series B, <br> Election 2020, 5.00%, 08/01/48<br>| 9410 | &nbsp;&nbsp; 10155436 |
| &nbsp;&nbsp;&nbsp; San Bernardino Community College District, GO, <br> Series B, Election 2018, 5.00%, 08/01/49<br>| 14000 | &nbsp;&nbsp; 14748219 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/47 | 15000 | &nbsp;&nbsp; 16272397 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/49 | 1810 | &nbsp;&nbsp; 1934679 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/50 | 24035 | &nbsp;&nbsp; 25676788 |
| San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series I, Election 2012, 5.00%, 07/01/47 | 4750 | &nbsp;&nbsp; 4839638 |
| &nbsp;&nbsp;&nbsp; Series C-3, Election 2022, 5.00%, 07/01/50 | 24420 | &nbsp;&nbsp; 26222782 |
| &nbsp;&nbsp;&nbsp; Series A-3, Sustainability Bonds, 5.00%, 07/01/48 | 14500 | &nbsp;&nbsp; 15534202 |
| &nbsp;&nbsp;&nbsp; Series N2, Sustainability Bonds, 5.00%, 07/01/48 | 5990 | &nbsp;&nbsp; 6417233 |

---

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| San Francisco Bay Area Rapid Transit District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Election 2016, Sustainability Bonds, <br> 5.00%, 08/01/47<br>| 4000 | &nbsp;&nbsp; $4071537 |
| &nbsp;&nbsp;&nbsp; Series D1, Sustainability Bonds, 5.25%, 08/01/47 | 11805 | &nbsp;&nbsp; 12698535 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, RB, Series B, <br> Sustainability Bonds, 1.00%, 10/01/26<sup>(g)</sup><br>| 27880 | &nbsp;&nbsp; 27737787 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District, GO, Series C, <br> Election 2002, (NPFGC), 0.00%, 06/01/31<sup>(e)</sup><br>| 25000 | &nbsp;&nbsp; 22153862 |
| &nbsp;&nbsp;&nbsp; San Leandro Unified School District, GO, Series B, <br> 5.25%, 08/01/48<br>| 8335 | &nbsp;&nbsp; 9001060 |
| &nbsp;&nbsp;&nbsp; San Luis Coastal Unified School District, GO, Series B, <br> Election 2022, 5.00%, 08/01/50<br>| 5825 | &nbsp;&nbsp; 6144171 |
| &nbsp;&nbsp;&nbsp; San Luis Obispo County Financing Authority, <br> Refunding RB, 5.50%, 11/15/47<br>| 5165 | &nbsp;&nbsp; 5672960 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/50<br>| 13250 | &nbsp;&nbsp; 14460324 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, GO, <br> Series B, Election 2014, 5.00%, 09/01/45<br>| 24000 | &nbsp;&nbsp; 24942732 |
| &nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, RB, <br> 4.00%, 05/01/45<br>| 4000 | &nbsp;&nbsp; 4006155 |
| San Mateo Foster City School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, Election 2020, 5.00%, 08/01/43 | 2380 | &nbsp;&nbsp; 2655032 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2020, 5.00%, 08/01/51 | 11500 | &nbsp;&nbsp; 12194255 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, RB, Series A, <br> 4.00%, 05/01/45<br>| 10000 | &nbsp;&nbsp; 9968973 |
| &nbsp;&nbsp;&nbsp; Santa Clarita Community College District, GO, Election <br> 2016, 5.25%, 08/01/48<br>| 8545 | &nbsp;&nbsp; 9182592 |
| &nbsp;&nbsp;&nbsp; Santa Rosa High School District, GO, Series B, 5.25%, <br> 08/01/50<br>| 8265 | &nbsp;&nbsp; 8995640 |
| &nbsp;&nbsp;&nbsp; Solano County Community College District, GO, <br> Series G, Election 2012, 5.00%, 08/01/50<br>| 6330 | &nbsp;&nbsp; 6816291 |
| Tamalpais Union High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/46 | 13420 | &nbsp;&nbsp; 13607812 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/47 | 10000 | &nbsp;&nbsp; 10093998 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/48 | 7965 | &nbsp;&nbsp; 8012243 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/49 | 9490 | &nbsp;&nbsp; 9586900 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/50 | 12000 | &nbsp;&nbsp; 12087010 |
| &nbsp;&nbsp;&nbsp; Tracy Unified School District School Facilities <br> Improvement District No 3, GO, Series A, Election <br> 2024, 5.00%, 08/01/50<br>| 2635 | &nbsp;&nbsp; 2835288 |
| &nbsp;&nbsp;&nbsp; Victor Valley Union High School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/50<br>| 4500 | &nbsp;&nbsp; 4867154 |
| West Valley-Mission Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/44 | 8345 | &nbsp;&nbsp; 8374230 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/01/47 | 15000 | &nbsp;&nbsp; 15035239 |
|  |  | &nbsp;&nbsp; 662768166 |
| **Education — 5.7%** | **Education — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, CAB, 0.00%, 01/01/60<sup>(e)</sup><br>| 37500 | &nbsp;&nbsp; 3539055 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, 4.65%, <br> 05/01/30<br>| 400 | &nbsp;&nbsp; 414628 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding <br> RB<sup>(d)(h)(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 835 | &nbsp;&nbsp; 628893 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 | 1795 | &nbsp;&nbsp; 1197849 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series B, <br> 5.00%, 07/01/26<sup>(d)</sup><br>| 40 | &nbsp;&nbsp; 39881 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, RB, Series A, <br> 6.00%, 07/01/51<sup>(d)</sup><br>| 1500 | &nbsp;&nbsp; 1504456 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Series A, 4.75%, 06/01/44<sup>(d)</sup><br>| 810 | &nbsp;&nbsp; $806627 |
| &nbsp;&nbsp;&nbsp; California State University, RB, Series A, 5.25%, <br> 11/01/48<br>| 4535 | &nbsp;&nbsp; 4955109 |
| California State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/43 | 18000 | &nbsp;&nbsp; 18845755 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/50 | 32000 | &nbsp;&nbsp; 35335846 |
| &nbsp;&nbsp;&nbsp; Series B, 1.67%, 11/01/29 | 9000 | &nbsp;&nbsp; 8390794 |
| &nbsp;&nbsp;&nbsp; Series B, 1.85%, 11/01/31 | 6750 | &nbsp;&nbsp; 6066578 |
| &nbsp;&nbsp;&nbsp; Series D, 1.69%, 11/01/29 | 5000 | &nbsp;&nbsp; 4664270 |
| University of California, RB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series CE, 11/15/39 | 6000 | &nbsp;&nbsp; 7355657 |
| &nbsp;&nbsp;&nbsp; Series CE, 11/15/41 | 20000 | &nbsp;&nbsp; 23245640 |
| &nbsp;&nbsp;&nbsp; Series CF, 11/15/41 | 20000 | &nbsp;&nbsp; 23736184 |
|  |  | &nbsp;&nbsp; 140727222 |
| **Health — 3.7%** | **Health — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/15/50 | 2995 | &nbsp;&nbsp; 3250458 |
| &nbsp;&nbsp;&nbsp; Series A-2, Class B, (BAM-TCRS), 4.00%, 11/01/44 | 4000 | &nbsp;&nbsp; 3932657 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/46 | 9965 | &nbsp;&nbsp; 10058806 |
| California Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.20%, 06/01/44<sup>(d)</sup> | 11380 | &nbsp;&nbsp; 11412062 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/46 | 8580 | &nbsp;&nbsp; 9156280 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/54<sup>(d)</sup> | 3000 | &nbsp;&nbsp; 2926995 |
| &nbsp;&nbsp;&nbsp; Series B, 8.25%, 06/01/33 | 12930 | &nbsp;&nbsp; 13487817 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Refunding RB, <br> Series A, 5.00%, 08/01/47<br>| 6000 | &nbsp;&nbsp; 6107710 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 5.00%, 05/15/47<br>| 28130 | &nbsp;&nbsp; 29902511 |
|  |  | &nbsp;&nbsp; 90235296 |
| **Housing — 1.5%** | **Housing — 1.5%** |  |
| California Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Subordinate, 8.00%, 12/01/56<sup>(c)</sup> | 3045 | &nbsp;&nbsp; 3060742 |
| &nbsp;&nbsp;&nbsp; Series P-S, Subordinate, 8.00%, 07/01/67<sup>(c)(d)</sup> | 5395 | &nbsp;&nbsp; 5491810 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.75%, 08/01/45 | 13000 | &nbsp;&nbsp; 13569817 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/38<sup>(c)</sup> | 6100 | &nbsp;&nbsp; 6147612 |
| &nbsp;&nbsp;&nbsp; Series A, 6.10%, 12/01/37 | 6000 | &nbsp;&nbsp; 6162521 |
| &nbsp;&nbsp;&nbsp; Series A-S, Subordinate, 8.13%, 08/01/56<sup>(c)(d)</sup> | 1000 | &nbsp;&nbsp; 1008439 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 4.00%, 07/01/58<sup>(d)</sup><br>| 1205 | &nbsp;&nbsp; 736880 |
|  |  | &nbsp;&nbsp; 36177821 |
| **State — 3.4%** | **State — 3.4%** |  |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | 42215 | &nbsp;&nbsp; 45188726 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/50 | 10000 | &nbsp;&nbsp; 10708700 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/50 | 5000 | &nbsp;&nbsp; 5372895 |
| State of California, GO, Class C, 5.00%, 11/01/50 | 5000 | &nbsp;&nbsp; 5382280 |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/49 | 5750 | &nbsp;&nbsp; 6429739 |
| &nbsp;&nbsp;&nbsp; Class B, 5.10%, 09/01/35 | 10000 | &nbsp;&nbsp; 10592438 |
|  |  | &nbsp;&nbsp; 83674778 |
| **Tobacco — 2.4%** | **Tobacco — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, Series A, 5.00%, 06/01/47<br>| 2595 | &nbsp;&nbsp; 2482851 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, CAB, Series B-2, Subordinate, <br> 0.00%, 06/01/55<sup>(e)</sup><br>| 7620 | &nbsp;&nbsp; 1476790 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** |  |
| California Statewide Financing Authority, RB<sup>(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 0.00%, 06/01/55 | 20750 | &nbsp;&nbsp; $1279700 |
| &nbsp;&nbsp;&nbsp; Series L, 0.00%, 06/01/55 | 91500 | &nbsp;&nbsp; 5710936 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, (SAP), 3.29%, 06/01/42 | 3105 | &nbsp;&nbsp; 2483173 |
| &nbsp;&nbsp;&nbsp; Series A-1, 3.71%, 06/01/41 | 4135 | &nbsp;&nbsp; 3348680 |
| &nbsp;&nbsp;&nbsp; Series A-1, Class A1, 3.49%, 06/01/36 | 1310 | &nbsp;&nbsp; 1144890 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/51 | 18440 | &nbsp;&nbsp; 18336214 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(e)</sup><br>| 104805 | &nbsp;&nbsp; 11173838 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> 0.00%, 06/01/57<sup>(e)</sup><br>| 34680 | &nbsp;&nbsp; 2758454 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 8055 | &nbsp;&nbsp; 8147747 |
|  |  | &nbsp;&nbsp; 58343273 |
| **Transportation — 16.2%** | **Transportation — 16.2%** |  |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.56%, 07/01/32 | 755 | &nbsp;&nbsp; 793987 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/49 | 11875 | &nbsp;&nbsp; 12587323 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, Class C, AMT, 3.50%, 01/01/65<sup>(c)(d)</sup><br>| 12000 | &nbsp;&nbsp; 12004039 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Class B, AMT, Sustainability <br> Bonds, 12.00%, 01/01/65<sup>(c)(d)</sup><br>| 50020 | &nbsp;&nbsp; 27010800 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/42 | 10000 | &nbsp;&nbsp; 10154186 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 05/15/47 | 23500 | &nbsp;&nbsp; 24666796 |
| &nbsp;&nbsp;&nbsp; Series E, Subordinate, 5.00%, 05/15/50 | 8950 | &nbsp;&nbsp; 9605332 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/47 | 7000 | &nbsp;&nbsp; 7446244 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/35 | 5425 | &nbsp;&nbsp; 5789275 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class D, Subordinate, 5.00%, 05/15/48 | 26500 | &nbsp;&nbsp; 28735999 |
| &nbsp;&nbsp;&nbsp; Series D, Subordinate, 5.25%, 05/15/48 | 2545 | &nbsp;&nbsp; 2829340 |
| &nbsp;&nbsp;&nbsp; Series D, Subordinate, 5.25%, 05/15/51 | 23810 | &nbsp;&nbsp; 25941059 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/49 | 5155 | &nbsp;&nbsp; 5493626 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/49 | 35365 | &nbsp;&nbsp; 38359609 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 07/01/55 | 2500 | &nbsp;&nbsp; 2688499 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 2250 | &nbsp;&nbsp; 2264267 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/48 | 16790 | &nbsp;&nbsp; 17425859 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/50 | 18790 | &nbsp;&nbsp; 19869585 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/51 | 6500 | &nbsp;&nbsp; 6601858 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Class A, AMT, 5.25%, 05/01/49 | 7400 | &nbsp;&nbsp; 7831281 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/38 | 10350 | &nbsp;&nbsp; 10923360 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 35700 | &nbsp;&nbsp; 35950889 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55 | 3220 | &nbsp;&nbsp; 3464285 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/01/46 | 36820 | &nbsp;&nbsp; 36859158 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/01/43 | 16440 | &nbsp;&nbsp; 16868430 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.25%, 05/01/48 | 3900 | &nbsp;&nbsp; $3971565 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/37 | 4000 | &nbsp;&nbsp; 4237345 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB, <br> Series D, AMT, 5.50%, 05/01/55<br>| 17245 | &nbsp;&nbsp; 18553292 |
|  |  | &nbsp;&nbsp; 398927288 |
| **Utilities — 11.9%** | **Utilities — 11.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles California Wastewater System <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/44 | 10000 | &nbsp;&nbsp; 11306161 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.25%, 06/01/50 | 17040 | &nbsp;&nbsp; 18752612 |
| &nbsp;&nbsp;&nbsp; City of Modesto California Wastewater Revenue, RB, <br> 5.00%, 11/01/50<br>| 6975 | &nbsp;&nbsp; 7487687 |
| &nbsp;&nbsp;&nbsp; City of San Francisco CA Public Utilities Commission <br> Water Revenue Refunding RB, Series E, 5.25%, <br> 11/01/55<br>| 15000 | &nbsp;&nbsp; 16334886 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/48 | 5505 | &nbsp;&nbsp; 6041782 |
| &nbsp;&nbsp;&nbsp; Class D, 5.00%, 11/01/51 | 30775 | &nbsp;&nbsp; 33101916 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/42 | 11000 | &nbsp;&nbsp; 11269867 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/49 | 15000 | &nbsp;&nbsp; 16123151 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/50 | 20000 | &nbsp;&nbsp; 21658080 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 06/01/55<sup>(f)</sup> | 12600 | &nbsp;&nbsp; 13511408 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/55 | 1140 | &nbsp;&nbsp; 1222461 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, Refunding RB, Series B, 5.00%, 06/01/43<br>| 4505 | &nbsp;&nbsp; 5193985 |
| &nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric System Revenue, <br> Refunding RB, 5.00%, 11/01/50<br>| 7275 | &nbsp;&nbsp; 7809738 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/48 | 7095 | &nbsp;&nbsp; 7602495 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/49 | 5000 | &nbsp;&nbsp; 5179843 |
| Modesto Irrigation District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/01/43 | 6605 | &nbsp;&nbsp; 7467798 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/01/48 | 5055 | &nbsp;&nbsp; 5495666 |
| &nbsp;&nbsp;&nbsp; Sacramento County Water Financing Authority, RB, <br> 5.00%, 06/01/50<br>| 9005 | &nbsp;&nbsp; 9600371 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Refunding RB, <br> Series H, Sustainability Bonds, 5.00%, 08/15/50<br>| 20000 | &nbsp;&nbsp; 20806602 |
| San Diego Public Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 3390 | &nbsp;&nbsp; 3650713 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 05/15/47 | 6625 | &nbsp;&nbsp; 7108789 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/01/48 | 8385 | &nbsp;&nbsp; 9196655 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 08/01/43 | 1000 | &nbsp;&nbsp; 1044175 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, RB, Series A, <br> Sustainability Bonds, 4.66%, 10/01/27<br>| 16710 | &nbsp;&nbsp; 16971112 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, Refunding RB, <br> Series C, Sustainability Bonds, 5.00%, 10/01/49<br>| 5550 | &nbsp;&nbsp; 6001989 |

---

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Jose Financing Authority, Refunding RB, Series B, <br> Sustainability Bonds, 5.00%, 11/01/47<br>| 2000 | &nbsp;&nbsp; $2148602 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources. <br> Refunding RB, Series A, 5.00%, 12/01/51<br>| 20350 | &nbsp;&nbsp; 22035821 |
|  |  | &nbsp;&nbsp; 294124365 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 2098783618 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(e)</sup><br>| 2125 | &nbsp;&nbsp; 511013 |
| **Florida**<sup>(c)(d)(h)(i)</sup> **— 0.2%** | **Florida**<sup>(c)(d)(h)(i)</sup> **— 0.2%** |  |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, <br> AMT, 12.00%, 07/15/59<br>| 6470 | &nbsp;&nbsp; 2264500 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, <br> AMT, 12.00%, 07/15/32<br>| 4785 | &nbsp;&nbsp; 1674750 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | &nbsp;&nbsp; 3939250 |
| **Ohio — 0.3%** | **Ohio — 0.3%** |  |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 9130 | &nbsp;&nbsp; 7538769 |
| **Puerto Rico — 4.8%** | **Puerto Rico — 4.8%** |  |
| **State — 3.2%** | **State — 3.2%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 829 | &nbsp;&nbsp; 885409 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 805 | &nbsp;&nbsp; 894178 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/35 | 1723 | &nbsp;&nbsp; 1751113 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/37 | 1479 | &nbsp;&nbsp; 1480614 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/41 | 431 | &nbsp;&nbsp; 417957 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/46 | 2091 | &nbsp;&nbsp; 1885131 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(e)</sup><br>| 2467 | &nbsp;&nbsp; 1823687 |
| Commonwealth of Puerto Rico, Notes<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/01/51<sup>(h)(i)</sup> | 34472 | &nbsp;&nbsp; 21286398 |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/01/51 | 20857 | &nbsp;&nbsp; 6622097 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 15728 | &nbsp;&nbsp; 15305601 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 114 | &nbsp;&nbsp; 106745 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 12102 | &nbsp;&nbsp; 11700300 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax <br> Revenue, RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 1117 | &nbsp;&nbsp; 1006302 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 3239 | &nbsp;&nbsp; 2513239 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 23633 | &nbsp;&nbsp; 8458043 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 5761 | &nbsp;&nbsp; 2061811 |
|  |  | &nbsp;&nbsp; 78198625 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(e)</sup><br>| 89730 | &nbsp;&nbsp; 4405609 |
| **Utilities**<sup>(h)(i)</sup> **— 1.4%** | **Utilities**<sup>(h)(i)</sup> **— 1.4%** |  |
| Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/36 | 7630 | &nbsp;&nbsp; 5083487 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| Puerto Rico Electric Power Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19 | 2137 | &nbsp;&nbsp; $1426122 |
| &nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19 | 2137 | &nbsp;&nbsp; 1426122 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18 | 5870 | &nbsp;&nbsp; 3918190 |
| &nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18 | 5871 | &nbsp;&nbsp; 3918824 |
| &nbsp;&nbsp;&nbsp; Series C-3, 5.40%, 01/01/20 | 593 | &nbsp;&nbsp; 396129 |
| &nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20 | 593 | &nbsp;&nbsp; 396129 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28 | 955 | &nbsp;&nbsp; 636269 |
| &nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20 | 4342 | &nbsp;&nbsp; 2898474 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/26 | 1285 | &nbsp;&nbsp; 856131 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17 | 1315 | &nbsp;&nbsp; 877762 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18 | 1155 | &nbsp;&nbsp; 770962 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19 | 935 | &nbsp;&nbsp; 624113 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24 | 875 | &nbsp;&nbsp; 584063 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33 | 885 | &nbsp;&nbsp; 589631 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/38 | 1170 | &nbsp;&nbsp; 779512 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/17 | 645 | &nbsp;&nbsp; 429731 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35 | 400 | &nbsp;&nbsp; 266500 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36 | 555 | &nbsp;&nbsp; 369769 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/40 | 745 | &nbsp;&nbsp; 496356 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/27 | 3150 | &nbsp;&nbsp; 2098687 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/29 | 530 | &nbsp;&nbsp; 353113 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/17<sup>(c)</sup> | 395 | &nbsp;&nbsp; 263663 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/18<sup>(c)</sup> | 355 | &nbsp;&nbsp; 236963 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/31<sup>(c)</sup> | 2765 | &nbsp;&nbsp; 1842181 |
| &nbsp;&nbsp;&nbsp; Series YY, 6.13%, 07/01/40 | 4060 | &nbsp;&nbsp; 2704975 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28 | 990 | &nbsp;&nbsp; 659588 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 12/29/49 | 925 | &nbsp;&nbsp; 617438 |
|  |  | &nbsp;&nbsp; 35520884 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 118125118 |
| **Wisconsin — 0.4%** | **Wisconsin — 0.4%** |  |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, Series A, AMT, Senior <br> Lien, 5.75%, 07/01/49<br>| 10245 | &nbsp;&nbsp; 10808367 |
| **Total Municipal Bonds — 91.0%** <br>**(Cost: $2,235,065,375)** | **Total Municipal Bonds — 91.0%** <br>**(Cost: $2,235,065,375)** | &nbsp;&nbsp; 2239706135 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(i)(j)</sup><br>| 416612 | &nbsp;&nbsp; 833224 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 833224 |
| **Total Long-Term Investments — 92.0%** <br>**(Cost: $2,259,597,449)** | **Total Long-Term Investments — 92.0%** <br>**(Cost: $2,259,597,449)** | &nbsp;&nbsp; 2265071559 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 1.72%<sup>(a)(b)</sup><br>| 60605948 | &nbsp;&nbsp; $60612009 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 8.1%** | **U.S. Treasury Obligations — 8.1%** |  |
| U.S. Treasury Bills, 3.66%, 03/10/26<sup>(k)</sup> | $200000 | &nbsp;&nbsp; 199838814 |
| **Total Short-Term Securities — 10.6%** <br>**(Cost: $260,431,640)** | **Total Short-Term Securities — 10.6%** <br>**(Cost: $260,431,640)** | &nbsp;&nbsp; 260450823 |
| **Total Investments — 102.6%** <br>**(Cost: $2,520,029,089)** | **Total Investments — 102.6%** <br>**(Cost: $2,520,029,089)** | &nbsp;&nbsp; 2525522382 |
| **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | &nbsp;&nbsp; (63578226)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $2461944156 |

---

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

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

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

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

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

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

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

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

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

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

<sup>(j)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $186656608 | $— | $(126044599 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $60612009 | 60605948 | $1526262 | $— |
| iShares California Muni Bond ETF |  | 24532074 |  | &nbsp;&nbsp; — | 126 | 24532200 | 420000 |  |  |
|  |  |  |  | &nbsp;&nbsp; $— | $126 | $85144209 |  | $1526262 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock California Municipal Opportunities Fund** 

**Fair Value Hierarchy as of Period End (continued)**

pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; $24532200 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24532200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2239706135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2239706135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 833224 | &nbsp;&nbsp;&nbsp;&nbsp; 833224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 60612009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60612009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199838814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199838814 |
|  | &nbsp;&nbsp; $85144209 | &nbsp;&nbsp;&nbsp;&nbsp; $2439544949 | &nbsp;&nbsp;&nbsp;&nbsp; $833224 | &nbsp;&nbsp;&nbsp;&nbsp; $2525522382 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| M/F | Multi-Family |
| MT | Mandatory Tender |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAP | Subject to Appropriations |
| ST | Special Tax |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $2534364589.82

**Total Liabilities:** $77205904.94

**Net Assets:** $2457158684.88

**Delayed Delivery Securities:** $67298374.72

**Cash Not Reported:** $6362969.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7685.12000000 | **1-Year:** 55929.51000000 | **5-Year:** 733553.15000000 | **10-Year:** 846853.96000000 | **30-Year:** 51524.01000000

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

- **3-Month:** 14952.78000000 | **1-Year:** 2873.48000000 | **5-Year:** 22644.60000000 | **10-Year:** 56584.17000000 | **30-Year:** 125750.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000038561 | -0.37%               | 0.55%                | 0.89%                |
| Class ID C000011299 | -0.36%               | 0.56%                | 0.90%                |
| Class ID C000038562 | -0.44%               | 0.48%                | 0.83%                |
| Class ID C000199773 | -0.35%               | 0.66%                | 0.83%                |
| Class ID C000011302 | -0.35%               | 0.57%                | 0.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-306302.42              | $-15413003.58                              |
| Month 2  | $-352055.95              | $6056763.46                                |
| Month 3  | $2728531.66              | $10884377.28                               |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                 | CUSIP: 798458WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8335000 | PA      | $9001059.85   | 0.37%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5761000 | PA      | $2061811.20   | 0.08%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  27535000 | PA      | $30226078.16  | 1.23%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Community College District                                           | CHAFFEY CA CMNTY CLG DIST                                    | CUSIP: 157432LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8355287.25   | 0.34%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661WR2<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4071537.20   | 0.17%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16334886.00  | 0.66%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEN1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    593452 | PA      | $396129.21    | 0.02%             | 2020-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE WEST EQ WARRANTS                                                  | BRIGHTLINE WEST EQ WARRANTS                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    416612 | NS      | $833224.00    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3105000 | PA      | $2483173.14   | 0.10%             | 2042-06-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DXZ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  17245000 | PA      | $18553291.93  | 0.76%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5505000 | PA      | $6041781.54   | 0.25%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UZ50<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3932656.80   | 0.16%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577NK9<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9968973.00   | 0.41%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBR4<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3060741.74   | 0.12%             | 2056-12-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1197849.45   | 0.05%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13420000 | PA      | $13607811.56  | 0.55%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114000 | PA      | $106745.23    | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2136512 | PA      | $1426121.76   | 0.06%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7F1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12004039.20  | 0.49%             | 2065-01-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YBV6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    925000 | PA      | $617437.50    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3337043.40   | 0.14%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6601858.25   | 0.27%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE               | CUSIP: 607767DH0<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   5055000 | PA      | $5495666.09   | 0.22%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AM23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3344453.26   | 0.14%             | 2029-10-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27880000 | PA      | $27737786.91  | 1.13%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014D41<br>LEI: 549300IZZ5HKLDKRTF96 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11269867.40  | 0.46%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 7973555Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4839638.20   | 0.20%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH SWR REVENUE               | CUSIP: 79730ALX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3650713.04   | 0.15%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9130000 | PA      | $7538768.82   | 0.31%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  14315000 | PA      | $15731838.58  | 0.64%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6147611.72   | 0.25%             | 2038-02-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Mt San Antonio Community College District                                    | MOUNT SAN ANTONIO CA CMNTY CLG DIST                          | CUSIP: 623040QK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23095000 | PA      | $25001062.68  | 1.02%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA                                                  | CUSIP: 798135Q36<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   7535000 | PA      | $8157893.58   | 0.33%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HKN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $6001988.67   | 0.24%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Community College District                                          | GLENDALE CA CMNTY CLG DIST                                   | CUSIP: 378394KZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2675858.75   | 0.11%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEJ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    875000 | PA      | $584062.50    | 0.02%             | 2024-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $15534202.35  | 0.63%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  16295000 | PA      | $17456823.72  | 0.71%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucia Mar Unified School District                                            | LUCIA MAR CA UNIF SCH DIST                                   | CUSIP: 54947THM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9275000 | PA      | $9921654.86   | 0.40%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH SWR REVENUE               | CUSIP: 79730AKX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6625000 | PA      | $7108789.30   | 0.29%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16599678.00  | 0.68%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10093998.00  | 0.41%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XLF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42215000 | PA      | $45188725.92  | 1.84%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15728000 | PA      | $15305600.97  | 0.62%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014T36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21658080.00  | 0.88%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2625458.33   | 0.11%             | 2042-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UXH6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   9965000 | PA      | $10058806.52  | 0.41%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044174.90   | 0.04%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107VA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35365000 | PA      | $38359609.18  | 1.56%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $736880.03    | 0.03%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA                                                  | CUSIP: 798135Q28<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   8920000 | PA      | $9676277.74   | 0.39%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DQH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8390793.60   | 0.34%             | 2029-11-01      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    745000 | PA      | $496356.25    | 0.02%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  25015000 | PA      | $26365875.04  | 1.07%             | 2055-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12087009.60  | 0.49%             | 2050-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Alameda County Fire Department                                               | ALAMEDA CNTY CA FIRE DEPT                                    | CUSIP: 010892AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $3070228.05   | 0.12%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                     | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  91500000 | PA      | $5710935.90   | 0.23%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFD2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7630000 | PA      | $5083487.50   | 0.21%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | CUPERTINO CA UNION SCH DIST                                  | CUSIP: 231237T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4840000 | PA      | $5543109.22   | 0.23%             | 2050-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    805123 | PA      | $894178.46    | 0.04%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $877762.50    | 0.04%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Wildomar CA                                                          | WILDOMAR CA SPL TAX                                          | CUSIP: 968118BS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $336459.92    | 0.01%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDW2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2098687.50   | 0.09%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063EHV1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10592438.00  | 0.43%             | 2035-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                     | CHAFFEY CA JT UNION HIGH SCH DIST                            | CUSIP: 157411WG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3268540.15   | 0.13%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GTE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2688499.25   | 0.11%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEA9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    530000 | PA      | $353112.50    | 0.01%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 13057KAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39881.07     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wildomar CA                                                          | WILDOMAR CA SPL TAX                                          | CUSIP: 968118BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558507.24    | 0.02%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chino Valley Unified School District                                         | CHINO VLY CA UNIF SCH DIST                                   | CUSIP: 169583KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3300742.52   | 0.13%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11380000 | PA      | $11412062.01  | 0.46%             | 2044-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCT0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $856131.25    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HJL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8345000 | PA      | $8374230.03   | 0.34%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA                                                  | CUSIP: 798135P94<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   5810000 | PA      | $6336067.61   | 0.26%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414627.88    | 0.02%             | 2030-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $793986.61    | 0.03%             | 2032-07-01      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DLF4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  16440000 | PA      | $16868429.69  | 0.69%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  20110000 | PA      | $22249070.54  | 0.91%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  50020000 | PA      | $27010800.00  | 1.10%             | 2065-01-01      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Financing Authority                             | SAN MATEO FOSTER CITY CA PUBLIC FING AUTH                    | CUSIP: 799056AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4006155.20   | 0.16%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24420000 | PA      | $26222782.08  | 1.07%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Rosa High School District                                              | SANTA ROSA CA HIGH SCH DIST                                  | CUSIP: 802615S39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8265000 | PA      | $8995640.05   | 0.37%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3429116.70   | 0.14%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6162521.40   | 0.25%             | 2037-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                               | CLOVIS CA UNIF SCH DIST                                      | CUSIP: 189342V47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4921260.11   | 0.20%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GGP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2264266.80   | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Water Financing Authority                                  | SACRAMENTO CNTY CA WTR FING AUTH REVENUE                     | CUSIP: 78615REU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9005000 | PA      | $9600370.98   | 0.39%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014V66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4505000 | PA      | $5193985.24   | 0.21%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KN9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008439.20   | 0.04%             | 2056-08-01      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEL5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    593452 | PA      | $396129.21    | 0.02%             | 2020-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue   | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HKW5<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   8945000 | PA      | $9907667.16   | 0.40%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDY8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    955000 | PA      | $636268.75    | 0.03%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  34471899 | PA      | $21286397.52  | 0.87%             | 2051-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DRV3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4237345.20   | 0.17%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucia Mar Unified School District                                            | LUCIA MAR CA UNIF SCH DIST                                   | CUSIP: 54947TJH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1616529.75   | 0.07%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA Wastewater Revenue                                        | MODESTO CA WSTWTR REVENUE                                    | CUSIP: 607802DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6975000 | PA      | $7487686.91   | 0.30%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DLY3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  10350000 | PA      | $10923359.99  | 0.44%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ERZ1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5382280.50   | 0.22%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12102000 | PA      | $11700299.52  | 0.48%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2926994.70   | 0.12%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                       | U.S. Treasury Bills                                          | CUSIP: 912797SY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        | 200000000 | PA      | $199838814.00 | 8.13%             | 2026-03-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TRQ6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5179843.00   | 0.21%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DQK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6066578.03   | 0.25%             | 2031-11-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18790000 | PA      | $19869585.09  | 0.81%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  36820000 | PA      | $36859158.07  | 1.50%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TWN7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   7095000 | PA      | $7602495.42   | 0.31%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11306161.00  | 0.46%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  51000000 | PA      | $55156428.60  | 2.24%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEK7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5869948 | PA      | $3918190.29   | 0.16%             | 2018-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444456J3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2829339.62   | 0.12%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014T44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12600000 | PA      | $13511408.40  | 0.55%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102QV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3548853.32   | 0.14%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                        | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  89730000 | PA      | $4405608.41   | 0.18%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CY3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10154186.00  | 0.41%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA                                                  | CUSIP: 798135Q44<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   7705000 | PA      | $8320974.68   | 0.34%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12930000 | PA      | $13487817.01  | 0.55%             | 2033-06-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                    | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34680000 | PA      | $2758454.14   | 0.11%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2641779.50   | 0.11%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107UZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $5493626.28   | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299SA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16272397.50  | 0.66%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Del Mar Union School District                                                | DEL MAR CA UNION SCH DIST                                    | CUSIP: 245145GL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4332172.77   | 0.18%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $3348679.72   | 0.14%             | 2041-06-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                           | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13250000 | PA      | $14460323.90  | 0.59%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299SB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24035000 | PA      | $25676787.59  | 1.04%             | 2050-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                           | CUSIP: 13057EFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8580000 | PA      | $9156279.99   | 0.37%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City School District/CA                                     | SAN MATEO CA FOSTER CITY SCH DIST                            | CUSIP: 799055VK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2655032.32   | 0.11%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YED3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    885000 | PA      | $589631.25    | 0.02%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F46<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7446243.70   | 0.30%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3239000 | PA      | $2513239.21   | 0.10%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAV6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5491809.50   | 0.22%             | 2067-07-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Citrus Community College District                                            | CITRUS CA CMNTY CLG DIST                                     | CUSIP: 17741RJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $4187053.82   | 0.17%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WDH4<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13569817.30  | 0.55%             | 2045-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  35700000 | PA      | $35950888.89  | 1.46%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1478808 | PA      | $1480614.22   | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFC4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4060000 | PA      | $2704975.00   | 0.11%             | 2040-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1117000 | PA      | $1006302.40   | 0.04%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fremont Unified School District/Alameda County CA                            | FREMONT CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 357155DW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7565000 | PA      | $8556772.26   | 0.35%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HXC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $23245640.00  | 0.95%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEU5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $779512.50    | 0.03%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Bernardino Community College District                                    | SAN BERNARDINO CA CMNTY CLG DIST                             | CUSIP: 796720QY9<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14748218.80  | 0.60%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | DESERT CMNTY CLG DIST CA                                     | CUSIP: 250375NY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13275000 | PA      | $14279139.59  | 0.58%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CMC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17040000 | PA      | $18752612.02  | 0.76%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445NP0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   5425000 | PA      | $5789274.65   | 0.24%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AG95<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  37500000 | PA      | $3539055.00   | 0.14%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DEX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18845755.20  | 0.77%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDV4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    645000 | PA      | $429731.25    | 0.02%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250392.85   | 0.09%             | 2042-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444456K0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  23810000 | PA      | $25941059.29  | 1.06%             | 2051-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                 | CUSIP: 798458ZG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5985000 | PA      | $6399759.30   | 0.26%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DLH0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3971564.61   | 0.16%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Benicia Unified School District                                              | BENICIA CA UNIF SCH DIST                                     | CUSIP: 082023RC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2678978.50   | 0.11%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005C97<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20806602.00  | 0.85%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                | CHABOT-LAS POSITAS CA CMNTY CLG DIST                         | CUSIP: 15722TKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14310000 | PA      | $15454722.73  | 0.63%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  45000000 | PA      | $49984222.50  | 2.03%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                | E BAY CA MUNI UTILITY DIST WSTWTR SYS REVENUE                | CUSIP: 271012HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1222460.76   | 0.05%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                         | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $6417232.56   | 0.26%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    828921 | PA      | $885408.82    | 0.04%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Sacramento CA Transient Occupancy Tax Revenue                        | SACRAMENTO CA TRANSIENT OCCUPAPANCY TAX REVENUE              | CUSIP: 786073AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10278303.00  | 0.42%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Gatos Union School District/CA                                           | LOS GATOS CA UNION SCH DIST                                  | CUSIP: 545522RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12275000 | PA      | $13072179.01  | 0.53%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11875000 | PA      | $12587323.06  | 0.51%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    431213 | PA      | $417956.78    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butte-Glenn Community College District                                       | BUTTE-GLENN CA CMNTY CLG DIST                                | CUSIP: 124110HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7205000 | PA      | $7735125.89   | 0.31%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661C86<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |  11805000 | PA      | $12698534.62  | 0.52%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFP5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    355000 | PA      | $236962.50    | 0.01%             | 2018-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                             | SAN JOSE CA UNIF SCH DIST SANTA CLARA CNTY                   | CUSIP: 798186VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $22153862.50  | 0.90%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                 | SAN JOSE CA FING AUTH WSTWTR REVENUE                         | CUSIP: 79816NAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148602.00   | 0.09%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4452407.01   | 0.18%             | 2051-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFN0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    395000 | PA      | $263662.50    | 0.01%             | 2017-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299QV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1934678.59   | 0.08%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XRR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5372895.50   | 0.22%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2091008 | PA      | $1885130.70   | 0.08%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Elsinore CA                                                     | LAKE ELSINORE CA SPL TAX                                     | CUSIP: 50963NXS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659063.28    | 0.03%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032U3X4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2995000 | PA      | $3250458.53   | 0.13%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  54243642 | NS      | $54249066.75  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HKK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15035239.50  | 0.61%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    835000 | PA      | $628892.52    | 0.03%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | SAN MATEO CNTY CA CMNTY CLG DIST                             | CUSIP: 799038NA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24000000 | PA      | $24942732.00  | 1.02%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                             | COAST CA CMNTY CLG DIST                                      | CUSIP: 190335DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26425000 | PA      | $23855884.87  | 0.97%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10708700.00  | 0.44%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  60000000 | PA      | $67196418.00  | 2.73%             | 2056-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 104805000 | PA      | $11173837.48  | 0.45%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Imperial Irrigation District Electric System Revenue                         | IMPERIAL CA IRR DIST ELEC REVENUE                            | CUSIP: 452650ML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7275000 | PA      | $7809737.96   | 0.32%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3464285.30   | 0.14%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C80<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  23500000 | PA      | $24666796.15  | 1.00%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9490000 | PA      | $9586899.54   | 0.39%             | 2049-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HJN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16710000 | PA      | $16971112.13  | 0.69%             | 2027-10-01      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ          | CUSIP: 13067WVA7<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |  20350000 | PA      | $22035820.46  | 0.90%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH REVENUE                           | CUSIP: 13057EBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6107709.60   | 0.25%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE       | CUSIP: 54473EYK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7243284.75   | 0.29%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23633000 | PA      | $8458042.73   | 0.34%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  20857000 | PA      | $6622097.50   | 0.27%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366KS8<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |  28130000 | PA      | $29902510.68  | 1.22%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HXA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $7355656.80   | 0.30%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063ECR5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6429738.55   | 0.26%             | 2049-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lake Elsinore CA                                                     | LAKE ELSINORE CA SPL TAX                                     | CUSIP: 50963NXP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535038.40    | 0.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                      | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8147746.88   | 0.33%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    555000 | PA      | $369768.75    | 0.02%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HXZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $23736184.00  | 0.97%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                           | FREMONT CA UNION HIGH SCH DIST SANTA CLARA CNTY              | CUSIP: 357172L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22500000 | PA      | $22445876.25  | 0.91%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014Q62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16123150.50  | 0.66%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Luis Coastal Unified School District                                     | SAN LUIS COASTAL CA UNIF SCH DIST                            | CUSIP: 798546FA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5825000 | PA      | $6144170.97   | 0.25%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citrus Community College District                                            | CITRUS CA CMNTY CLG DIST                                     | CUSIP: 17741RJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1802089.63   | 0.07%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tamalpais Union High School District                                         | TAMALPAIS CA UNION HIGH SCH DIST                             | CUSIP: 874857LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7965000 | PA      | $8012242.80   | 0.33%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                       | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $511013.20    | 0.02%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16790000 | PA      | $17425859.13  | 0.71%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | MODESTO CA HIGH SCH DIST STANISLAUS CNTY                     | CUSIP: 607743MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3656022.37   | 0.15%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YER2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    935000 | PA      | $624112.50    | 0.03%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lake Elsinore CA                                                     | LAKE ELSINORE CA SPL TAX                                     | CUSIP: 50963NXR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $661941.74    | 0.03%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10245000 | PA      | $10808366.40  | 0.44%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Salinas Union High School District                                           | SALINAS CA UNION HIGH SCH DIST                               | CUSIP: 794896GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9410000 | PA      | $10155435.73  | 0.41%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brea Olinda Unified School District                                          | BREA & OLINDA CA UNIF SCH DIST                               | CUSIP: 106331PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2200303.95   | 0.09%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                             | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4785000 | PA      | $1674750.00   | 0.07%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7620000 | PA      | $1476790.29   | 0.06%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Wildomar CA                                                          | WILDOMAR CA SPL TAX                                          | CUSIP: 968118BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610105.50    | 0.02%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1144890.22   | 0.05%             | 2036-06-01      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457G8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   8950000 | PA      | $9605332.43   | 0.39%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHJ8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  24500000 | PA      | $27591027.80  | 1.12%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                             | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6470000 | PA      | $2264500.00   | 0.09%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAG0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2136512 | PA      | $1426121.76   | 0.06%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                     | VICTOR VLY CA UNION HIGH SCH DIST                            | CUSIP: 926055KV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2433577.05   | 0.10%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $806626.76    | 0.03%             | 2044-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TDM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504455.75   | 0.06%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE               | CUSIP: 607767DG2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   6605000 | PA      | $7467797.94   | 0.30%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DMQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4664270.50   | 0.19%             | 2029-11-01      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEQ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $770962.50    | 0.03%             | 2018-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City School District/CA                                     | SAN MATEO CA FOSTER CITY SCH DIST                            | CUSIP: 799055VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12194255.00  | 0.50%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7831280.88   | 0.32%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DWF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32000000 | PA      | $35335846.40  | 1.44%             | 2050-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2482850.85   | 0.10%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEF8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    400000 | PA      | $266500.00    | 0.01%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2466841 | PA      | $1823687.45   | 0.07%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEM3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5870898 | PA      | $3918824.42   | 0.16%             | 2018-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                     | VICTOR VLY CA UNION HIGH SCH DIST                            | CUSIP: 926055LH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2433577.05   | 0.10%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAA3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $1842181.25   | 0.07%             | 2031-07-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Tracy Unified School District School Facilities Improvement District No 3    | TRACY CA UNIF SCH DIST SCH FACS IMPT DIST #3                 | CUSIP: 892406EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2835288.19   | 0.12%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFM2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4342283 | PA      | $2898473.90   | 0.12%             | 2020-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCW3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    990000 | PA      | $659587.50    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30775000 | PA      | $33101916.22  | 1.35%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Community College District                                     | SANTA CLARITA CA CMNTY CLG DIST                              | CUSIP: 801686UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $9182592.01   | 0.37%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Lake Elsinore CA                                                     | LAKE ELSINORE CA SPL TAX                                     | CUSIP: 50963NXQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $493607.46    | 0.02%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1723019 | PA      | $1751112.65   | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Luis Obispo County Financing Authority                                   | SAN LUIS OBISPO CNTY CA FING AUTH LEASE REVENUE              | CUSIP: 798712DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5165000 | PA      | $5672960.19   | 0.23%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444456H7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  26500000 | PA      | $28735998.45  | 1.17%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH WTR REVENUE               | CUSIP: 79730CLM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8385000 | PA      | $9196655.42   | 0.37%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Solano County Community College District                                     | SOLANO CNTY CA CMNTY CLG DIST                                | CUSIP: 83412PKP6<br>LEI: 549300P3BIFQULH2R110 | Long             | DBT              | MUN               | US        |   6330000 | PA      | $6816290.86   | 0.28%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18440000 | PA      | $18336214.15  | 0.75%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                     | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20750000 | PA      | $1279700.23   | 0.05%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DSX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4955108.80   | 0.20%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer