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<SEC-DOCUMENT>0000891804-05-002288.txt : 20050729
<SEC-HEADER>0000891804-05-002288.hdr.sgml : 20050729
<ACCEPTANCE-DATETIME>20050729091859
ACCESSION NUMBER:		0000891804-05-002288
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050531
FILED AS OF DATE:		20050729
DATE AS OF CHANGE:		20050729
EFFECTIVENESS DATE:		20050729

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:		05982888

	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>
Form N-Q
</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;
05/31/05
&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>


<A name="page_1"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Portfolio of Investments (Unaudited)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">May 31, 2005</FONT></I>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=center>
<B><FONT size=1 face="sans-serif">Optional Call</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Market</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<B><FONT size=1 face="sans-serif">Amount (000)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Description</FONT></B><B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=center>
<B><FONT size=1 face="sans-serif">Provisions*</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<B><FONT size=1 face="sans-serif">Ratings**</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Consumer Staples - 2.2% (1.5% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 1,625</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 1,913,259</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Healthcare - 18.7% (12.5% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,700</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">12/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,945,457</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1999A, 6.250%, 12/01/34</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California Health Facilities Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">11/08 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,576,890</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">1998A, 5.000%, 11/15/31 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/11 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,932,264</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2001A, 5.550%, 8/01/31</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">6,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">6,648,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1998A, 5.000%, 8/01/22 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,164,740</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Hospital, Series 2003B, 5.250%, 6/01/23 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,260</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">7/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,381,552</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Center, Series 2004, 5.875%, 7/01/26</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Long-Term Care - 5.7% (3.8% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,061,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">California Health Facilities Financing Authority, Insured Revenue Bonds, Northern California</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">1/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,115,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Retired Officers Community Corporation - Paradise Valley Estates, Series 2002, 5.250%, 1/01/26</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,815</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Revenue Bonds, Jewish Home for the Aging,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">11/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,928,692</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003, 5.000%, 11/15/18</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/General - 48.5% (32.4% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Berryessa Union School District, Santa Clara County, California, General Obligation Bonds, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,064,290</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2003C, 5.000%, 8/01/21 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,125,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2002A, 5.000%, 8/01/26 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">California, General Obligation Refunding Bonds, Series 2002:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/01/12</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,640,715</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,750</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 4/01/27 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">4/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,934,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 4/01/30 - XLCA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">4/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,210,090</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">4/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">535,145</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">450</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">480,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.000%, 8/01/25 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2003B:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 8/01/26 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,783,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,030</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 8/01/27 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,153,424</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,129,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">565</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">606,657</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2005A, 5.000%, 6/01/26 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">10,750</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">11,614,623</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">7/01/22 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds,</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,063,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003A, 5.000%, 9/01/26 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">7/10 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,281,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2000B, 5.125%, 7/01/22 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2005A:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">145</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/25 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">156,137</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">215</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/27 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">230,396</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,855</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Rafael City High School District, Marin County, California, General Obligation Bonds, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,062,245</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2003A, 5.000%, 8/01/28 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/Limited - 43.9% (29.4% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">550</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/13 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">580,311</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,025</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State Redevelopment</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">12/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,212,738</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Project, Series 2003A, 5.250%, 12/01/22 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">12/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,205,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">East End Project, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">12/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,239,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 6/01/16</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,610</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A, 5.000%,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/12 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,734,002</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">9/01/21 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">130</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">140,438</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">9/01/20 (WI, settling 6/07/05) - XLCA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">5,540</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/05 at 103.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,728,748</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2003C, 5.000%, 9/02/21 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,098,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2003AW, 5.000%, 6/01/33 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,770</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles Unified School District, California, Certificates of Participation, Administration</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">10/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,859,049</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Building Project II, Series 2002C, 5.000%, 10/01/27 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/10 at 103.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,572,030</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002, 5.000%, 9/02/33 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">825</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Paramount Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">887,007</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003, 5.000%, 8/01/19 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,165</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">5/13 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,182,708</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 5/01/23</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Buenaventura, California, Certificates of Participation, Golf Course Financing Project, Series</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">2002D:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/01/27 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">2/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,139,020</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/01/32 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">2/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,442,758</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,200</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">9/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,242,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,220</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,268,641</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002, 5.000%, 8/01/32 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,770</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,894,151</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002B, 5.000%, 6/01/32 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,390</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24 - MBIA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">11/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,608,852</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Transportation - 13.9% (9.3% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">5,480</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,760,686</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2002A, 5.000%, 8/01/26 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">1/10 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,892,260</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 1/01/35</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,135</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">5/08 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,292,565</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Second Series Issue 16B, 5.000%, 5/01/24 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,300</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">5/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,374,126</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Second Series 2000, Issue 26B, 5.000%, 5/01/25 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Utilities - 5.3% (3.5% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">10/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,103,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004, 5.250%, 10/01/21 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,055</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-1,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">7/11 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,300,378</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/22 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">275</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">298,232</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Water and Sewer - 11.3% (7.6% of Total Investments)</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,285</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33 -</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">12/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,303,928</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue Bonds,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2002:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 8/01/22 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,192,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 8/01/23 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">8/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,660,725</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,180</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">4/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,196,472</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">1,600</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=right>
<FONT size=1 face="sans-serif">10/11 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,678,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 10/01/26 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 124,765</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Total Long-Term Investments (cost &#36;125,672,696) - 149.5%</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">132,832,201</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Other Assets Less Liabilities - 1.2%</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">999,477</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Preferred Shares, at Liquidation Value - (50.7)%</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">(45,000,000)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Net Assets Applicable to Common Shares - 100%</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;88,831,678</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Forward Swaps outstanding at May 31, 2005:</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Unrealized</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=center>
<B><FONT size=1 face="sans-serif">Notional</FONT></B>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=center>
<B><FONT size=1 face="sans-serif">Effective</FONT></B>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=8% nowrap colspan=3 align=left>
<B><FONT size=1 face="sans-serif">Termination</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Appreciation</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=center>
<B><FONT size=1 face="sans-serif">Amount</FONT></B>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
 &nbsp;<B><FONT size=1 face="sans-serif">Date</FONT></B><B><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP></B>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=center>
<B><FONT size=1 face="sans-serif">Date</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">(Depreciation)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Agreement with Goldman Sachs dated December 6, 2004, to pay</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">semi-annually the notional amount multiplied by 5.324% (annualized)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">and receive quarterly the notional amount multiplied by the</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">three-month USD-LIBOR (United States Dollar-London</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Inter-Bank Offered Rates).</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=center>
<FONT size=1 face="sans-serif">&#36;2,400,000</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
 &nbsp;<FONT size=1 face="sans-serif">7/11/05</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=center>
<FONT size=1 face="sans-serif">7/11/25</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;(192,004)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Agreement with JPMorgan dated January 11, 2005, to pay semi-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">annually the notional amount multiplied by 5.235% (annualized)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">and receive quarterly the notional amount multiplied by the three-month</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates).</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=center>
<FONT size=1 face="sans-serif">2,300,000</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
 &nbsp;<FONT size=1 face="sans-serif">8/17/05</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=center>
<FONT size=1 face="sans-serif">8/17/25</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">(153,551)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Agreement with Merrill Lynch dated February 14, 2005, to pay semi-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">annually the notional amount multiplied by 4.886% (annualized)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">and receive quarterly the notional amount multiplied by the three-month</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates).</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=center>
<FONT size=1 face="sans-serif">2,700,000</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
 &nbsp;<FONT size=1 face="sans-serif">8/24/05</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=center>
<FONT size=1 face="sans-serif">8/24/25</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">(57,662)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;(403,217)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Portfolio Insurance any of which ensure the timely payment of principal and interest. Up to 20% of the Fund's</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated,</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&amp;P or Fitch) or</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">unrated but judged to be of comparable quality by the Adviser.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">unles otherwise noted.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(2)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Effective date represents the date on which both the Fund and counterparty commence interest payment accruals</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">on each forward swap contract.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">may be other call provisions at varying prices at later dates.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=right>
<FONT size=1 face="sans-serif">(WI)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Security purchased on a when-issued basis.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<B><FONT size=1 face="sans-serif">Income Tax Information</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">At May 31, 2005, the cost of investments was &#36;125,666,216.</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=59% nowrap colspan=3 align=left>
<FONT size=1 face="sans-serif">Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as</FONT>&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">follows:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized:</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;7,217,554</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">(51,569)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=11>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=48% nowrap align=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=10% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=4% nowrap align=left>
&nbsp;
        </TD>
        <TD width=3%>
&nbsp;  </TD>
        <TD width=1% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;7,165,985</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
        </TD>
        <TD>
        </TD>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



<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 have materially affected, or are 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 1940 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;07/29/05&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;07/29/05&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;07/29/05&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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATIONS
<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;07/29/05&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;07/29/05&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>
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