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<SEC-DOCUMENT>0000891804-06-000309.txt : 20060127
<SEC-HEADER>0000891804-06-000309.hdr.sgml : 20060127
<ACCEPTANCE-DATETIME>20060127104851
ACCESSION NUMBER:		0000891804-06-000309
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060127
DATE AS OF CHANGE:		20060127
EFFECTIVENESS DATE:		20060127

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:		06555654

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31&nbsp;&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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/05 &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>
<P align=left>
<TABLE>

  <TR>
    <TD width=101>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B><BR><B><FONT
      face=sans-serif size=1>Nuveen Insured
      California Tax-Free Advantage Municipal Fund (NKX)</FONT></B><BR><I><FONT
      face=sans-serif size=1>November 30,
      2005</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   ><B><FONT face=sans-serif
      size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="70%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=middle width="8%"
   ><B><FONT face=sans-serif
      size=1>Optional
      Call</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="3%"
   ></TD>
    <TD vAlign=bottom noWrap align=right width="8%"
   ><B><FONT face=sans-serif
      size=1
     >Market</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   ><B><FONT face=sans-serif
      size=1>Amount
      (000)</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="70%"
   ><B><FONT
      face=sans-serif size=1
     >Description</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(1)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=middle width="8%"

     >&nbsp;<B><FONT face=sans-serif size=1

     >Provisions*</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><B><FONT face=sans-serif
      size=1
     >Ratings**</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="3%"
   ></TD>
    <TD vAlign=bottom noWrap align=right width="8%"
   ><B><FONT face=sans-serif
      size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Consumer Staples -
      2.3% (1.5% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,625</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Golden State Tobacco
      Securitization Corporation, California, Tobacco Settlement
      Asset-Backed</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,958,011</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Revenue Bonds, Series 2003A-2,
      7.900%, 6/01/42</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Healthcare - 15.3%
      (10.3% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Health Facilities
      Financing Authority, Revenue Bonds, UCSF - Stanford Healthcare,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >11/08 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,542,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>1998A, 5.000%, 11/15/31 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,800</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Infrastructure
      Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance
      LLC,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/11 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,880,476</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2001A, 5.550%,
      8/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >6,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Statewide Community
      Development Authority, Revenue Bonds, Sherman Oaks Health
      System,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >6,356,040</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 1998A, 5.000%, 8/01/22 -
      AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Statewide Community
      Development Authority, Hospital Revenue Bonds, Monterey
      Peninsula</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,116,140</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Hospital, Series 2003B, 5.250%,
      6/01/23 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,260</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Rancho Mirage Joint Powers
      Financing Authority, California, Revenue Bonds, Eisenhower
      Medical</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >7/14 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,342,933</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Center, Series 2004, 5.875%,
      7/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Housing/Multifamily
      - 1.3% (0.9% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,165</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Poway, California, Housing
      Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series
      2003,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >5/13 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,167,994</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 5/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Long-Term Care -
      5.8% (3.9% of Total Investments)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>ABAG Finance Authority for
      Non-Profit Corporations, California, Insured Senior Living
      Revenue</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,040,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Bonds, Odd Fellows Home of
      California, Series 2003A, 5.200%, 11/15/22</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Health Facilities
      Financing Authority, Cal-Mortgage Insured Revenue Bonds,
      Northern</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,084,520</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Retired Officers
      Community Corporation - Paradise Valley Estates, Series 2002,
      5.250%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>1/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,815</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California Statewide Community
      Development Authority, Revenue Bonds, Jewish Home for the
      Aging,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >11/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,881,865</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2003, 5.000%,
      11/15/18</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Tax
      Obligation/General - 48.7% (32.8% of Total Investments)</FONT></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Berryessa Union School District,
      Santa Clara County, California, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,051,160</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2003C, 5.000%, 8/01/21 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Butte-Glenn Community College
      District, Butte and Glenn Counties, California, General
      Obligation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,077,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Bonds, Series 2002A, 5.000%,
      8/01/26 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California, General Obligation
      Refunding Bonds, Series 2002:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 2/01/12</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,601,490</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 4/01/27 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,867,788</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.250%, 4/01/30 - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,142,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California, General Obligation
      Bonds, Series 2004, 5.250%, 4/01/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4/14 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >521,735</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >450</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Fremont Unified School District,
      Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >468,369</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2002A, 5.000%, 8/01/25 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Hacienda La Puente Unified
      School District, Los Angeles County, California, General
      Obligation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Bonds, Series
      2003B:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/26 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4,675,365</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,030</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/27 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,105,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Angeles, California, General
      Obligation Bonds, Series 2002A, 5.000%, 9/01/22 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,095,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >565</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Angeles Community College
      District, Los Angeles County, California, General Obligation
      Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >591,657</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2005A, 5.000%, 6/01/26 -
      FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >10,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Angeles Unified School
      District, California, General Obligation Bonds, Series 2003A,
      5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >11,071,935</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>7/01/22 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Murrieta Valley Unified School
      District, Riverside County, California, General Obligation
      Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,039,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2003A, 5.000%, 9/01/26 -
      FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Oakland Unified School District,
      Alameda County, California, General Obligation Bonds, Series
      2005:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >190</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/25 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >198,508</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >200</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 8/01/26 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >208,796</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>San Diego Unified School
      District, California, General Obligation Bonds, Election of 1998,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >7/10 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,192,390</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2000B, 5.125%, 7/01/22 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>San Jose-Evergreen Community
      College District, Santa Clara County, California, General
      Obligation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Bonds, Series
      2005A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >145</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 9/01/25 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >152,005</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >215</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 9/01/27 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >224,692</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,855</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>San Rafael City High School
      District, Marin County, California, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,979,324</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2003A, 5.000%, 8/01/28 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="1%" background=""
   ></TD>
    <TD width="98%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif
      size=1>Tax
      Obligation/Limited - 42.9% (28.9% of Total Investments)</FONT></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >550</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Baldwin Park Public Financing
      Authority, California, Sales Tax and Tax Allocation Bonds,
      Puente</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/13 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >572,127</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Merced Redevelopment Project,
      Series 2003, 5.250%, 8/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,025</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Burbank Public Financing
      Authority, California, Revenue Refunding Bonds, Golden State
      Redevelopment</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,168,957</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Project, Series 2003A, 5.250%,
      12/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California State Public Works
      Board, Lease Revenue Bonds, Department of General Services,
      Capital</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4,105,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>East End Project, Series 2002A,
      5.000%, 12/01/27 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>California State Public Works
      Board, Lease Revenue Bonds, Department of Corrections, Series
      2003C,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A-</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,165,980</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.500%, 6/01/16</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,610</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Folsom Public Financing
      Authority, California, Special Tax Revenue Bonds, Series 2004A,
      5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/12 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,687,183</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>9/01/21 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >130</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Hesperia Community Redevelopment
      Agency, California, Tax Allocation Bonds, Series 2005A,
      5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >136,913</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>9/01/20 - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >5,540</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Irvine Public Facilities and
      Infrastructure Authority, California, Assessment Revenue Bonds,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3/06 at 103.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >5,725,091</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2003C, 5.000%, 9/02/21 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Angeles, California,
      Certificates of Participation, Municipal Improvement Corporation,
      Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,043,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>2003AW, 5.000%, 6/01/33 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,770</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Angeles Unified School
      District, California, Certificates of Participation,
      Administration</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,815,719</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Building Project II, Series
      2002C, 5.000%, 10/01/27 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Los Osos, California,
      Improvement Bonds, Community Services Wastewater Assessment District
      1,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/10 at 103.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,531,455</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2002, 5.000%, 9/02/33 -
      MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Paramount Redevelopment Agency,
      California, Tax Allocation Bonds, Redevelopment Project Area
      1,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >524,795</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2003, 5.000%, 8/01/19 -
      MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >150</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Rialto Redevelopment Agency,
      California, Tax Allocation Bonds, Merged Project Area, Series
      2005A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >152,714</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>5.000%, 9/01/35 - XLCA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >315</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Riverside County Public
      Financing Authority, California, Tax Allocation Bonds, Multiple
      Projects,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >10/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >321,234</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Series 2005A, 5.000%, 10/01/35 -
      XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Buenaventura, California,
      Certificates of Participation, Golf Course Financing Project,
      Series</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >2002<FONT face=sans-serif size=1
     >D:</FONT></FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 2/01/27 - AMBAC Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,070,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 2/01/32 - AMBAC Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,363,426</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,200</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Diego Redevelopment Agency,
      California, Subordinate Lien Tax Increment and Parking Revenue</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/09 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,236,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Bonds, Centre City Project, Series
      2003B, 5.250%, 9/01/26</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,220</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Jose Redevelopment Agency,
      California, Tax Allocation Bonds, Merged Area Redevelopment
      Project,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/10 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,241,167</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Series 2002, 5.000%, 8/01/32 - MBIA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,770</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Jose Financing Authority,
      California, Lease Revenue Refunding Bonds, Civic Center Project,</FONT>
</TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,824,957</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Series 2002B, 5.000%, 6/01/32 - AMBAC
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,390</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Solano County, California, Certificates
      of Participation, Series 2002, 5.250%, 11/01/24 - MBIA</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >11/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,550,202</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif size=1
     >Transportation - 13.9%
      (9.4% of Total Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >5,480</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Bay Area Governments Association,
      California, BART SFO Extension, Airport Premium Fare Revenue</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >5,628,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Bonds, Series 2002A, 5.000%, 8/01/26 -
      AMBAC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation
      Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,</FONT>
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1/10 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,873,480</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 1/01/35</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,135</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Francisco Airports Commission,
      California, Revenue Bonds, San Francisco International Airport,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >5/08 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,243,596</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Second Series Issue 16B, 5.000%,
      5/01/24 - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Francisco Airports Commission,
      California, Revenue Bonds, San Francisco International Airport,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >5/10 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,352,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Second Series 2000, Issue 26B, 5.000%,
      5/01/25 - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif size=1
     >U.S. Guaranteed*** - 1.3%
      (0.9% of Total Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >California Health Facilities Financing
      Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12/09 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A3***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,114,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Series 1999A, 6.250%, 12/01/34
      (Pre-refunded to 12/01/09)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif size=1
     >Utilities - 5.7% (3.8% of
      Total Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Anaheim Public Finance Authority,
      California, Second Lien Electric Distribution Revenue Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >10/14 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,074,870</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Series 2004, 5.250%, 10/01/21 - MBIA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,055</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Los Angeles Department of Water and
      Power, California, Power System Revenue Bonds, Series 2001A-1,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >7/11 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,245,143</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.250%, 7/01/22 - FSA Insured</FONT>
</TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >275</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Los Angeles Department of Water and
      Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >290,326</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 7/01/21 - MBIA Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >310</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Merced Irrigation District, California,
      Electric System Revenue Bonds, Series 2005, 5.125%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >9/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >320,804</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >9/01/31 - XLCA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><B><FONT face=sans-serif size=1
     >Water and Sewer - 11.3%
      (7.6% of Total Investments)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,185</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Manteca Financing Authority,
      California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 12/01/33
      -</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >12/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,194,089</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >San Diego Public Facilities Financing
      Authority, California, Subordinate Lien Water Revenue Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Series 2002:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 8/01/22 - MBIA Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >3,142,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 8/01/23 - MBIA Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,612,325</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,180</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >South Feather Water and Power Agency,
      California, Water Revenue Certificates of Participation,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >4/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,210,090</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Solar Photovoltaic Project, Series
      2003, 5.375%, 4/01/24</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >1,600</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Sunnyvale Financing Authority,
      California, Water and Wastewater Revenue Bonds, Series 2001,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >10/11 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >1,645,936</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >5.000%, 10/01/26 - AMBAC Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="4%"
   ><FONT face=sans-serif size=1
     >123,555</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Total Long-Term Investments
      (cost $124,317,340) - 148.5%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >128,822,087</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="5%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD align=left width="94%" colSpan=5
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"
   ></TD>
    <TD vAlign=top noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities -
      3.4%</FONT> </TD>
    <TD vAlign=top noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >2,898,413</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="5%" colSpan=2
BCLSPANVALID="2"></TD>
    <TD width="70%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
    </TD>
    <TD width="13%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="3%" background=""
     ><HR noShade SIZE=1>
    </TD>
    <TD width="8%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Preferred Shares, at Liquidation
      Value - (51.9)%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="8%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="5%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="3%"
   ></TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >(45,000,000<FONT face=sans-serif size=1
     >)</FONT></FONT> </TD></TR>
  <TR>
    <TD width="1%" background=""
   >&nbsp;</TD>
    <TD width="4%" background=""
   >&nbsp;</TD>
    <TD width="94%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="70%"
   ><FONT face=sans-serif
      size=1>Net Assets Applicable to Common
      Shares - 100%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="8%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="5%" background=""
   ></TD>
    <TD vAlign=top noWrap align=right width="3%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"
   ><FONT face=sans-serif size=1
     >86,720,500</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="4%" background=""
   ></TD>
    <TD vAlign=top noWrap align=left width="94%" background="" colSpan=5
   >
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_5></A>
<P align=left><B><FONT face=sans-serif size=1
>Forward Swaps outstanding at November 30, 2005:</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >Fixed Rate</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><B><FONT
      face=sans-serif size=1
     >Fixed Rate</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><B><FONT
      face=sans-serif size=1
     >Floating Rate</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background=""></TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >Floating Rate</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="8%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="9%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Unrealized</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT
      face=sans-serif size=1
     >Notional</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >Paid by the Fund</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><B><FONT
      face=sans-serif size=1
     >Payment</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><B><FONT
      face=sans-serif size=1
     >Received by the Fund</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background=""></TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >Payment</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Effective</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="9%"><B><FONT
      face=sans-serif size=1
     >Termination</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Appreciation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
     ><B><FONT face=sans-serif size=1
     >Counterparty</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT
      face=sans-serif size=1
     >Amount</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >(annualized)</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><B><FONT
      face=sans-serif size=1
     >Frequency</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><B><FONT
      face=sans-serif size=1
     >Based On</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background=""></TD>
    <TD vAlign=top noWrap align=middle width="11%"><B><FONT
      face=sans-serif size=1
     >Frequency</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >Date<B><SUP><FONT face=sans-serif size=1

     >(2)</FONT></SUP></B></FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="9%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><B><FONT
      face=sans-serif size=1
     >(Depreciation)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
     ><FONT face=sans-serif size=1
     >Citigroup</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >1,900,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1>4.699<FONT
      face=sans-serif size=1>%</FONT></FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><FONT
      face=sans-serif size=1
     >Semi-annually</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><FONT
      face=sans-serif size=1>3-month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background=""></TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>2/27/06</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2/27/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >122,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
     ><FONT face=sans-serif size=1
     >JPMorgan</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >1,700,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1>4.833<FONT
      face=sans-serif size=1>%</FONT></FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><FONT
      face=sans-serif size=1
     >Semi-annually</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><FONT
      face=sans-serif size=1>3-month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background="">&nbsp;</TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>2/09/06</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2/09/36</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >106,558</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%"
     ><FONT face=sans-serif size=1
     >Morgan Stanley</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >2,400,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1>4.816<FONT
      face=sans-serif size=1>%</FONT></FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="2%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="10%"><FONT
      face=sans-serif size=1
     >Semi-annually</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="13%"><FONT
      face=sans-serif size=1>3-month
      USD-LIBOR</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="11%" background=""></TD>
    <TD vAlign=top noWrap align=middle width="11%"><FONT
      face=sans-serif size=1
     >Quarterly</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1>2/15/06</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="9%"><FONT
      face=sans-serif size=1
     >2/15/36</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >157,461</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="11%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="10%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="13%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="11%" background=""></TD>
    <TD vAlign=top noWrap align=left width="11%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="8%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="9%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="8%"><FONT
      face=sans-serif size=1
     >386,199</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>USD-LIBOR (United States Dollar-London Inter-Bank Offered
Rates)</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
least 80% of the Fund&#146;s net assets (including net assets attributable to
Preferred shares) are invested in municipal securities that are either covered
by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest. Up to 20% of the
Fund&#146;s net assets (including net assets attributable to Preferred shares) may be
invested in municipal securities that are (i) either backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency securities
(also ensuring the timely payment of principal and interest), or (ii) rated, at
the time of investment, within the four highest grades (Baa or BBB or better by
Moody&#146;s, S&amp;P or Fitch) or unrated but judged to be of comparable quality by
the Adviser.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT
      face=sans-serif size=1
     >(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%" colSpan=2
     ><FONT face=sans-serif size=1
     >All percentages shown in the Portfolio of Investments are
      based on net assets applicable to Common shares unless otherwise
      noted.</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT
      face=sans-serif size=1>(2)</FONT></TD>
    <TD width="100%" colSpan=2
     ><FONT face=sans-serif size=1
     >Effective date represents the date on which both the Fund and
      counterparty commence interest payment accruals on each forward swap
      contract.</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top colSpan=2
     ><FONT face=sans-serif size=1
     >*</FONT></TD>
    <TD width="100%"><FONT
      face=sans-serif size=1>Optional Call
      Provisions: Dates (month and year) and prices of the earliest optional
      call or redemption. There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities may be subject to
      periodic principal paydowns.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2><FONT
      face=sans-serif size=1>**</FONT> </TD>
    <TD width="100%"><FONT
      face=sans-serif size=1>Ratings: Using
      the higher of Standard &amp; Poor's or Moody's rating.</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top colSpan=2
     ><FONT face=sans-serif size=1
     >***</FONT></TD>
    <TD width="100%"><FONT
      face=sans-serif size=1>Securities are
      backed by an escrow or trust containing sufficient U.S. Government or U.S.
      Government agency securities which ensures the timely payment of principal
      and interest. Such securities are normally considered to be equivalent to
      AAA rated securities.</FONT></TD></TR>
  <TR>
    <TD colSpan=3
 >&nbsp;</TD></TR></TABLE>
<P align=left><B><FONT face=sans-serif size=1
>Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>The following information is presented on an income tax basis.
Differences between amounts for financial statement and federal income tax
purposes are primarily due to timing differences in recognizing taxable market
discount and timing differences in recognizing certain gains and losses on
investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
November 30, 2005, the cost of investments was $125,282,461.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Gross unrealized appreciation and gross unrealized depreciation of
investments at November 30, 2005, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Gross unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="10%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>4,625,799</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >(1,086,173</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>3,539,626</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<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>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;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>certification1.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>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>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>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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<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>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>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>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;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R. Zimmerman<BR>Chief Administrative Officer<BR>(principal executive officer)<BR><BR></H4>
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<H3><BR><U>CERTIFICATIONS</U> </H3>
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<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>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>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>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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<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>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>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>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;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

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<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
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