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<SEC-DOCUMENT>0000891804-05-000328.txt : 20050128
<SEC-HEADER>0000891804-05-000328.hdr.sgml : 20050128
<ACCEPTANCE-DATETIME>20050128113354
ACCESSION NUMBER:		0000891804-05-000328
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041130
FILED AS OF DATE:		20050128
DATE AS OF CHANGE:		20050128
EFFECTIVENESS DATE:		20050128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN INSURED CALIFORNIA TAX FREE ADVANTAGE MUNICIPAL FUND
		CENTRAL INDEX KEY:			0001195738
		IRS NUMBER:				030487017
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21212
		FILM NUMBER:		05556571

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NKX
<TEXT>
<HTML>

<HEAD>
<TITLE>
Nuveen Insured California Tax-Free Advantage Municipal Fund
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21212
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured California Tax-Free Advantage Municipal Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
08/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11/30/04
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>

<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<P><FONT FACE="Arial Narrow" size="3">Portfolio of Investments (Unaudited)<BR>
<B>Nuveen Insured California Tax-Free Advantage Municipal Fund </B>(NKX) <BR><I>November 30,  2004</I><BR><BR><BR> </FONT>
</BLOCKQUOTE></BLOCKQUOTE>




<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="1%"></TH>
   <TH width="9%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Principal</B> </FONT></P></TH>
   <TH width="1%"></TH>
   <TH width="59%"></TH>
   <TH width="12%"><P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Optional Call</B></FONT></P></TH>
   <TH width="8%"></TH>
   <TH width="10%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Market</B></FONT></P></TH>
</TR>
<TR>
   <TH></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Amount (000)</B></FONT></P></TH>
   <TH></TH>
   <TH><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Description<SUP>(1)</SUP></B> </FONT></P> </TH>
   <TH> <P align=right> <FONT FACE="Arial Narrow" SIZE="1"><B>Provisions*</B></FONT></P></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Ratings**</B> </FONT></P> </TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Value</B> </FONT></P></TH>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Consumer Staples - 2.1% (1.4% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">1,625</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;  1,767,399</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Healthcare - 18.8% (12.4% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,889,108</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999A, 6.250%, 12/01/34</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Health Facilities Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,514,580</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1998A, 5.000%, 11/15/31 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/11 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,850,706</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2001A, 5.550%, 8/01/31</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Revenue Refunding Bonds, Sherman Oaks Health</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6,381,480</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;System, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,118,780</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospital, Series 2003B, 5.250%, 6/01/23 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,260</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,338,158</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Center, Series 2004, 5.875%, 7/01/26</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Long-Term Care - 5.8% (3.8% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,033,060</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Health Facilities Financing Authority, Revenue Bonds, Northern California Retired</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,046,860</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Officers Community Corporation - Paradise Valley Estates, Series 2002, 5.250%, 1/01/26</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,815</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Revenue Bonds, Jewish Home for the Aging,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,886,021</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003, 5.000%, 11/15/18</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/General - 48.4% (32.2% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,047,590</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003C, 5.000%, 8/01/21 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,047,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 2002A, 5.000%, 8/01/26 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, General Obligation Refunding Bonds, Series 2002:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/12</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,634,055</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 4/01/27 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,803,775</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 4/01/30 - XLCA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,105,900</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">513,065</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">450</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">463,532</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002A, 5.000%, 8/01/25 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bonds, Series 2003B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 8/01/26 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,606,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,030</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 8/01/27 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,069,199</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,085,320</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11,249,768</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/22 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,023,780</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A, 5.000%, 9/01/26 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,120,870</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2000B, 5.125%, 7/01/22 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,855</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Rafael City High School District, Marin County, California, General Obligation Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,914,868</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003A, 5.000%, 8/01/28 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">905</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Rafael Elementary School District, Marin County, California, General Obligation Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">919,055</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003C, 5.000%, 8/01/28 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/Limited - 43.1% (28.6% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">550</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">558,872</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,025</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,169,686</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project, Series 2003A, 5.250%, 12/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,053,960</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;East End, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,205,060</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/16</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,610</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/12 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,697,069</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;9/01/21 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,540</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/05 at 103.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,713,070</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003C, 5.000%, 9/02/21 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,013,080</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003AW, 5.000%, 6/01/33 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,770</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Unified School District, Los Angeles County, California, Certificates of Participation,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,793,364</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002C, Administration Building Project II, 5.000%, 10/01/27 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/10 at 103.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,509,465</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002, 5.000%, 9/02/33 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,165</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Poway, California, Housing Revenue Bonds, Poinsettia Mobile Home Park Project Revenue Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/13 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,155,948</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2003, 5.000%, 5/01/23</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Buenaventura, California, Certificates of Participation, Golf Course Financing Project, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">2002D:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/27 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,036,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/32 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,322,110</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,213,836</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,220</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,226,991</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002, 5.000%, 8/01/32 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,770</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,782,216</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2002B, 5.000%, 6/01/32 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,390</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 - MBIA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,517,483</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Transportation - 13.9% (9.2% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,480</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,572,119</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 2002A, 5.000%, 8/01/26 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/10 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,782,500</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 1/01/35</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,135</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,204,221</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Second Series Issue 16B, 5.000%, 5/01/24 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,328,639</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Second Series 2000, Issue 26B, 5.000%, 5/01/25 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>U.S. Guaranteed *** - 1.8% (1.2% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,395</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Southern California Metropolitan Water District, Water Revenue Bonds, Series 1997A, 5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,518,039</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/30 (Pre-refunded to 1/01/08) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Utilities - 5.4% (3.6% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,083,420</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004, 5.250%, 10/01/21 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,055</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-1,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,258,066</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 7/01/22 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">275</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">289,393</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/21 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Water and Sewer - 11.5% (7.6% of Total Investments)</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,335</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2003B, 5.000%, 12/01/33 -</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,372,807</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 2002:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 8/01/22 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,126,840</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 8/01/23 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,594,125</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,180</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,171,504</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,627,213</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 10/01/26 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">125,235</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Long-Term Investments (cost $126,061,610) - 150.8%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">129,328,175</FONT></P></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>   <TD colspan=5><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Other Assets Less Liabilities - 1.7%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,405,586</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Preferred Shares, at Liquidation Value - (52.5)%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(45,000,000)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net Assets Applicable to Common Shares - 100%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$85,733,761</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=2></TD>
</TR>
</TABLE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="11%"></TH><TH width="59%"></TH><TH width="10%"></TH><TH width="20%"></TH>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Forward Swap Transactions outstanding at November 30, 2004:</B>
   </FONT></P></TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="10%"></TH><TH width="33%"></TH><TH width="10%"></TH><TH width="10%"></TH><TH width="10%"><P align=right><FONT FACE="Arial Narrow" SIZE="1">Swap</FONT></P></TH><TH width="10%"><P align=right><FONT FACE="Arial Narrow" SIZE="1">Unrealized</FONT></P></TH><TH width="20%"></TH>
</TR>
<TR>
   <TH></TH>
   <TH></TH>
   <TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Notional</FONT></P></TH>
   <TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Effective</FONT></P></TH>
   <TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Termination</FONT></P></TH>
   <TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Appreciation</FONT></P></TH>
</TR>
<TR>
   <TH></TH>
   <TH></TH>
   <TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Amount</FONT></P></TH><TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Date<SUP>(2)</SUP></FONT></P></TH><TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">Date</FONT></P></TH><TH><P align=right><FONT FACE="Arial Narrow" SIZE="1">(Depreciation)</FONT></P></TH>
</TR>
<TR>
   <TD></TD>
   <TD colspan=5><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Agreement with Morgan Stanley dated August 4, 2004,</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">to pay semi-annually the notional amount multiplied by</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">5.660% (annualized) and receive quarterly the notional</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">amount multiplied by the three-month USD-LIBOR</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">(United States Dollar - London Inter-Bank Offered Rates).</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$3,800,000</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/16/05</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/16/35</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$(132,016)</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Agreement with Morgan Stanley dated August 5, 2004,</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">to pay quarterly the notional amount multiplied by</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">4.337% (annualized) and receive quarterly the notional</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">amount multiplied by the one-week BMA (Bond Market</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Association) Municipal Swap Index for the quarter.</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,700,000</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/09/04</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/09/24</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(66,333)</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Agreement with Morgan Stanley dated August 10, 2004,</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">to pay semi-annually the notional amount multiplied by</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">5.489% (annualized) and receive quarterly the notional</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">amount multiplied by the three-month USD-LIBOR</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">(United States Dollar - London Inter-Bank Offered Rates).</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,100,000</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/14/05</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/14/35</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(13,047)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=5><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$(211,396)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=5><HR noshade size=2></TD>
</TR>
</TABLE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="11%"></TH><TH width="59%"></TH><TH width="10%"></TH><TH width="20%"></TH>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">At least 80% of the Fund's net assets (including net assets applicable to Preferred shares) are invested in</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">net assets (including net assets applicable to Preferred shares) may be invested in municipal securities</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&amp;P</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">or Fitch) or unrated but judged to be of comparable quality by the Adviser.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(1)&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">unless otherwise noted.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(2)&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Effective date represents the date on which both the Fund and counterparty commence interest payment</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">accruals on each forward swap contract.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">*&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">may be other call provisions at varying prices at later dates.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">**&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">***&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">agency securities which ensures the timely payment of principal and interest.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Income Tax Information</B></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">The following information is presented on an income tax basis. Differences between amounts for financial</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">statement and federal income tax purposes are primarily due to timing differences in recognizing income</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">on taxable market discount securities and timing differences in recognizing certain gains and losses on</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">security transactions.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">At November 30, 2004, the cost of investments was $126,056,669.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2004,</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">were as follows:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Appreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$3,458,342</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Depreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(186,836)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net unrealized appreciation of investments</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$3,271,506</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=2></TD>
</TR><TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
</TABLE>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934, (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that has materially affected, or is reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Insured California Tax-Free Advantage Municipal Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (Principal Executive Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (Principal Executive Officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:
      <OL type='a'><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (Principal Financial Officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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