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<SEC-DOCUMENT>0000891804-09-000414.txt : 20090129
<SEC-HEADER>0000891804-09-000414.hdr.sgml : 20090129
<ACCEPTANCE-DATETIME>20090129102420
ACCESSION NUMBER:		0000891804-09-000414
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081130
FILED AS OF DATE:		20090129
DATE AS OF CHANGE:		20090129
EFFECTIVENESS DATE:		20090129

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:		09553204

	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>Nuveen
Investments<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>Kevin
J. McCarthy 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;&nbsp;02/28&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;11/30/08&nbsp;&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 ("OMB") 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>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><I><FONT face=sans-serif size=2>November 30, 2008</FONT></I>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=2>Principal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Optional Call</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=2>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Description (1)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=2>Provisions (2)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=2>Ratings (3)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=2>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Consumer Staples &#150; 3.4% (2.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/22 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,408,455</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Health Care &#150; 17.0% (11.7% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,815</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,430,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2006, 5.250%, 3/01/45</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/11 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,549,152</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>LLC, Series 2001A, 5.550%, 8/01/31</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>662</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>382,201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>System, Trust 2554, 14.196%, 7/01/47 &#150; FSA Insured (IF)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,688,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 &#150; AGC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>3/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,014,899</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Trust 11672, 17.363%, 3/01/41 &#150; BHAC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,060</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,946,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>System, Series 1998A, 5.000%, 8/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>13,457</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Health Care</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>12,012,090</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Housing/Multifamily &#150; 1.3% (0.9% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/13 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>943,592</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003, 5.000%, 5/01/23</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Long-Term Care &#150; 3.8% (2.6% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>914,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,770,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>California Retired Officers Community Corporation &#150; Paradise Valley Estates, Series 2002,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 1/01/26</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Long-Term Care</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,685,410</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Tax Obligation/General &#150; 22.3% (15.4% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Butte-Glenn Community College District, Butte and Glenn Counties, California, General</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,883,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Obligation Bonds, Series 2002A, 5.000%, 8/01/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California State, General Obligation Bonds, Series 2002:</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,460</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 4/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,221,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>55</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/30 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>50,129</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>515</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/18 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>472,822</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Trust 2668, 12.170%, 8/01/28 &#150; FSA Insured (IF)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>436,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2002A, 5.000%, 8/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles, California, General Obligation Bonds, Series 2002A, 5.000%, 9/01/22 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,993,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Murrieta Valley Unified School District, Riverside County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>941,530</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2003A, 5.000%, 9/01/26 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Murrieta Valley Unified School District, Riverside County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>832,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2007, 4.500%, 9/01/30 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Roseville Joint Union High School District, Placer County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>132,822</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2006B, 5.000%, 8/01/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Diego Unified School District, California, General Obligation Bonds, Election of 1998,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,128,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2000B, 5.125%, 7/01/22 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,855</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Rafael City High School District, Marin County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,651,379</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003A, 5.000%, 8/01/28 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>16,475</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Tax Obligation/General</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>15,744,601</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Tax Obligation/Limited &#150; 45.6% (31.5% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>513,420</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,165</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,071,078</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Redevelopment Project, Series 2003A, 5.250%, 12/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California State Public Works Board, Lease Revenue Bonds, Department of General Services,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,398,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Capital East End Project, Series 2002A, 5.000%, 12/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>136,515</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Facilities District, Series 2005, 5.000%, 9/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/16 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>378,383</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2006, 5.000%, 9/01/38 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,610</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Series 2004A,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/12 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,421,469</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 9/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,195</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,400,789</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Drivers Trust 2091, 11.071%, 6/01/45 &#150; AGC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,415,855</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 2005A, 5.000%, 6/01/45 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>777,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Allocation Bonds, Series 2007A, 5.000%, 9/01/37 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,684,236</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003C, 5.000%, 9/02/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>315</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>248,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Services Project, Series 2005, 5.000%, 9/01/37 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles Unified School District, California, Certificates of Participation, Administration</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,505,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Building Project II, Series 2002C, 5.000%, 10/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,818,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003AW, 5.000%, 6/01/33 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Police</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,268,835</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Headquarters, Series 2006A, 4.750%, 1/01/31 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/10 at 103.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,212,945</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002, 5.000%, 9/02/33 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>115,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2005A, 5.000%, 9/01/35 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>164,979</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>8/01/25 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Buenaventura, California, Certificates of Participation, Golf Course Financing Project,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Series 2002D:</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 2/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,559,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 2/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,699,202</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,040,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Civic Center Project,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA+</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,520,562</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2002B, 5.000%, 6/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>841,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2005A, 5.000%, 8/01/28 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>38,735</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Tax Obligation/Limited</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>32,193,401</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Transportation &#150; 10.9% (7.5% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,480</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,010,142</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2002A, 5.000%, 8/01/26 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,474,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>1995A, 5.000%, 1/01/35</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Francisco Airports Commission, California, Revenue Bonds, San Francisco International</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,239,693</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Airport, Second Series 2000, Issue 26B, 5.000%, 5/01/25 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,780</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Transportation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7,723,975</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>U.S. Guaranteed &#150; 22.6% (15.6% of Total Investments) (4)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Berryessa Union School District, Santa Clara County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,101,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/12) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California State, General Obligation Bonds, Series 2002:</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 4/01/27 (Pre-refunded 4/01/12) &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,412,047</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.250%, 4/01/30 (Pre-refunded 4/01/12) &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A1 (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,247,304</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>567,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,943,955</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,272,037</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Bonds, Series 2003B, 5.000%, 8/01/27 (Pre-refunded 8/01/13) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A3 (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,449,718</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/10 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,301,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Project, Series 2002, 5.000%, 8/01/32 (Pre-refunded 8/01/10) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,390</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Solano County, California, Certificates of Participation, Series 2002, 5.250%, 11/01/24</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA (4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,666,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>(Pre-refunded 11/01/12) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,260</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total U.S. Guaranteed</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>15,961,726</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Utilities &#150; 3.1% (2.1% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Series 2004, 5.250%, 10/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>638,414</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2007A, 5.500%, 11/15/37</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>275</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>276,554</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>2003A-2, 5.000%, 7/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>251,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>9/01/31 &#150; SYNCORA GTY Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Utilities</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,166,893</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=2>Water and Sewer &#150; 14.9% (10.3% of Total Investments)</FONT></B>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>897,920</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>8/01/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>662,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>10/01/36 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>181,703</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 4/01/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>A3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>780,372</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>12/01/33 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>170</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>137,748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 6/01/31 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>San Diego Public Facilities Financing Authority, California, Subordinate Lien Water Revenue</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Bonds, Series 2002:</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 8/01/22 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,930,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 8/01/23 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,426,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>966,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Sunnyvale Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2001,</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>AA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,514,896</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%">&nbsp;<FONT face=sans-serif size=2>5.000%, 10/01/26 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>11,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Water and Sewer</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>10,497,449</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;115,657</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Total Investments (cost $114,684,278) &#150; 144.9%</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102,337,592</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Other Assets Less Liabilities &#150; 5.4%</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,772,294</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Variable Rate Demand Preferred Shares, at Liquidation Value &#150; (50.3)% (5)</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(35,500,000)</FONT> </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Net Assets Applicable to Common Shares &#150; 100%</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="2%"><FONT face=sans-serif size=2>$</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>70,609,886</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>


<A name="page_4"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>At least 80% of the Fund&#146;s net assets (including net assets attributable to Variable Rate Demand Preferred</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>State and Local Government Series securities to ensure the timely payment of principal and interest.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(1)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>unless otherwise noted.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(2)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>subject to periodic principal paydowns.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>Ratings: Using the higher of Standard &amp; Poor&#146;s Group (&#147;Standard &amp; Poor&#146;s&#148;) or Moody&#146;s Investor Service, Inc.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>(&#147;Moody&#146;s&#148;) rating. Ratings below BBB by Standard &amp; Poor&#146;s or Baa by Moody&#146;s are considered to be below</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>investment grade.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, CIFG,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>FGIC, FSA, MBIA, RAAI and SYNCORA as of November 30, 2008. Subsequent to November 30, 2008, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>during the period this Portfolio of Investments was prepared, there may have been reductions to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>period and after period end. Such reductions would likely reduce the effective rating of many of the bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>insured by that insurer or insurers presented at period end.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(4)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>which ensure the timely payment of principal and interest. Such investments are normally considered to be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>equivalent to AAA rated securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(5)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.7%.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>(IF)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=sans-serif size=2>Inverse floating rate investment.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1><FONT size=2>Fair Value Measurements</FONT></FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT size=2>During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) &#147;Fair Value Measurements.&#148; SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund&#146;s investments various inputs are used. These inputs are summarized in the three broad levels listed below:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Level 2 &#150; Other significant observable inputs (including quoted prices for similar securities, interest rates,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<FONT face=sans-serif size=2>prepayment speeds, credit risk, etc.).</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Level 3 &#150; Significant unobservable inputs (including management&#146;s assumptions in determining the fair</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<FONT face=sans-serif size=2>value of investments).</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>The following is a summary of the Fund&#146;s fair value measurements as of November 30, 2008:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="29%"><B><FONT face=sans-serif size=2>Level 1</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=2>Level 2</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=2>Level 3</FONT></B>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=2>Total</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=2>Investments</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$102,337,592</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%"><FONT face=sans-serif size=2>$ &#151;</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>$102,337,592</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Income Tax Information</FONT></FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>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, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>At November 30, 2008, the cost of investments was $114,659,033.</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=2>Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2008, were as follows:</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Gross unrealized:</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="36%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp; Appreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$&nbsp; &nbsp;1,782,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>&nbsp; Depreciation</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>(14,103,676)</FONT></TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=2>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=right width="36%"><FONT face=sans-serif size=2>$(12,321,441)</FONT></TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>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: See EX-99 CERT
attached hereto. </FONT></P>
<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/&nbsp;Kevin J.
McCarthy&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;Kevin
J.
McCarthy<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;
Vice President and Secretary</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&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;
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;
Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&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;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;
Vice President and Controller (principal financial officer)&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif"
size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
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<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;
  <LI>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
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</DOCUMENT>
</SEC-DOCUMENT>
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