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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891804-10-003937.txt : 20100730
<SEC-HEADER>0000891804-10-003937.hdr.sgml : 20100730
<ACCEPTANCE-DATETIME>20100730142818
ACCESSION NUMBER:		0000891804-10-003937
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100531
FILED AS OF DATE:		20100730
DATE AS OF CHANGE:		20100730
EFFECTIVENESS DATE:		20100730

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:		10980825

	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>nq2.htm
<DESCRIPTION>NKX_NQ
<TEXT>
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    <title>nq2.htm</title>
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STATES</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington,
DC 20549</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FORM
N-Q</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment
Company Act file number <font style="DISPLAY: inline; TEXT-DECORATION: underline">811-21212</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen Insured California
Tax-Free Advantage Municipal Fund</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact
name of registrant as specified in charter)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen
Investments</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address
of principal executive offices) (Zip code)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kevin
J. McCarthy</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vice
President and Secretary</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Name and
address of agent for service)</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant's
telephone number, including area code: <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of
fiscal year end:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2/28&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of
reporting period:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5/31/10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="HDR">
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        </div>
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    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
1. Schedule of Investments</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br></font>
      <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
                <td width="8%">
                </td>
                <td width="58%">
                </td>
                <td width="13%">
                </td>
                <td width="8%">
                </td>
                <td width="10%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio of Investments
      (Unaudited)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nuveen Insured California
      Tax-Free Advantage Municipal Fund (NKX)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="FONT-STYLE: italic; DISPLAY: inline">May 31, 2010</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Optional Call</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount (000)</font></td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description (1)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Provisions (2)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ratings (3)</font></td>
                <td nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Consumer Staples &#8211; 4.7% (3.2%
      of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>$&#160;&#160;&#160;&#160; 6,070&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
                <td align="right" nowrap>6/22 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>$&#160;&#160;&#160; 3,893,541&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">Bonds, Series 2007A-2, 0.000%, 6/01/37&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Health Care &#8211; 23.0% (16.0% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,630&#160;</td>
                <td align="left" nowrap>California Health Facilities Financing Authority,
      Revenue Bonds, Childrens Hospital Los&#160;</td>
                <td align="right" nowrap>7/20 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,633,716&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Angeles, Series 2010A,
      5.250%, 7/01/38 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,800&#160;</td>
                <td align="left" nowrap>California Infrastructure Economic Development Bank,
      Revenue Bonds, Kaiser Hospital Assistance&#160;</td>
                <td align="right" nowrap>8/11 at 102.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,822,806&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">LLC, Series 2001A, 5.550%,
      8/01/31&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>4,000&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Insured Health Facility Revenue Bonds,&#160;</td>
                <td align="right" nowrap>7/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>4,120,400&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Catholic Healthcare West,
      Series 2008K, 5.500%, 7/01/41 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,815&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanante System,&#160;</td>
                <td align="right" nowrap>3/16 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,730,022&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      3/01/41&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,020&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanente System,&#160;</td>
                <td align="right" nowrap>3/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>5,064,578&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      3/01/41 &#8211; BHAC Insured (UB)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>4,060&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Sherman Oaks Health&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>4,089,963&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">System, Series 1998A,
      5.000%, 8/01/22 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>662&#160;</td>
                <td align="left" nowrap>California Statewide Communities Development
      Authority, Revenue Bonds, Saint Joseph Health&#160;</td>
                <td align="right" nowrap>7/18 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>716,074&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">System, Trust 2554, 18.449%, 7/01/47 &#8211; AGM Insured
(IF)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">18,987&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Health Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">19,177,559&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.4%
      (1.0% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,165&#160;</td>
                <td align="left" nowrap>Poway, California, Housing Revenue Bonds, Revenue
      Bonds, Poinsettia Mobile Home Park, Series&#160;</td>
                <td align="right" nowrap>5/13 at 102.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,176,091&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">2003, 5.000%, 5/01/23&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Long-Term Care &#8211; 3.6% (2.5% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>ABAG Finance Authority for Non-Profit Corporations,
      California, Insured Senior Living Revenue&#160;</td>
                <td align="right" nowrap>11/12 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>1,010,610&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Odd Fellows Home of
      California, Series 2003A, 5.200%, 11/15/22&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>California Health Facilities Financing Authority,
      Cal-Mortgage Insured Revenue Bonds, Northern&#160;</td>
                <td align="right" nowrap>1/13 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>2,007,100&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">California Retired Officers
      Community Corporation &#8211; Paradise Valley Estates, Series 2002,&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">5.250%, 1/01/26&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,000&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Long-Term Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,017,710&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/General &#8211; 21.6% (15.0% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Butte-Glenn Community College District, Butte and
      Glenn Counties, California, General&#160;</td>
                <td align="right" nowrap>8/12 at 101.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>2,075,500&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Obligation Bonds, Series
      2002A, 5.000%, 8/01/26 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,030&#160;</td>
                <td align="left" nowrap>Fontana Unified School District, San Bernardino
      County, California, General Obligation Bonds,&#160;</td>
                <td align="right" nowrap>8/18 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,160,656&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Trust 2668, 9.389%, 8/01/28
      &#8211; AGM Insured (IF)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>450&#160;</td>
                <td align="left" nowrap>Fremont Unified School District, Alameda County,
      California, General Obligation Bonds, Series&#160;</td>
                <td align="right" nowrap>8/12 at 101.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>467,267&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2002A, 5.000%, 8/01/25 &#8211;
      FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Los Angeles, California, General Obligation Bonds,
      Series 2002A, 5.000%, 9/01/22 &#8211; NPFG Insured&#160;</td>
                <td align="right" nowrap>9/12 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>2,115,840&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Murrieta Valley Unified School District, Riverside
      County, California, General Obligation&#160;</td>
                <td align="right" nowrap>9/13 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>1,031,250&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2003A,
      5.000%, 9/01/26 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Murrieta Valley Unified School District, Riverside
      County, California, General Obligation&#160;</td>
                <td align="right" nowrap>9/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>975,260&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2007, 4.500%,
      9/01/30 &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>140&#160;</td>
                <td align="left" nowrap>Roseville Joint Union High School District, Placer
      County, California, General Obligation&#160;</td>
                <td align="right" nowrap>8/15 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>145,153&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006B,
      5.000%, 8/01/27 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>San Diego Unified School District, California,
      General Obligation Bonds, Election of 1998,&#160;</td>
                <td align="right" nowrap>7/10 at 100.00&#160;</td>
                <td align="right" nowrap>Aa1&#160;</td>
                <td align="right" nowrap>3,011,490&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2000B, 5.125%,
      7/01/22 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,855&#160;</td>
                <td align="left" nowrap>San Rafael City High School District, Marin County,
      California, General Obligation Bonds,&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,973,695&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003A, 5.000%,
      8/01/28 &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>12,520&#160;</td>
                <td align="left" nowrap>Yosemite Community College District, California,
      General Obligation Bonds, Capital&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>3,054,504&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Appreciation, Election
      2004, Series 2010D, 0.000%, 8/01/42 (WI/DD, Settling 6/02/10)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">26,995&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/General&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">18,010,615&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/Limited &#8211; 46.2% (32.0% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>550&#160;</td>
                <td align="left" nowrap>Baldwin Park Public Financing Authority, California,
      Sales Tax and Tax Allocation Bonds,&#160;</td>
                <td align="right" nowrap>8/13 at 102.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>556,116&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Puente Merced Redevelopment
      Project, Series 2003, 5.250%, 8/01/21&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,165&#160;</td>
                <td align="left" nowrap>Burbank Public Financing Authority, California,
      Revenue Refunding Bonds, Golden State&#160;</td>
                <td align="right" nowrap>12/13 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,181,438&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Redevelopment Project,
      Series 2003A, 5.250%, 12/01/22 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>4,000&#160;</td>
                <td align="left" nowrap>California State Public Works Board, Lease Revenue
      Bonds, Department of General Services,&#160;</td>
                <td align="right" nowrap>12/12 at 100.00&#160;</td>
                <td align="right" nowrap>A2&#160;</td>
                <td align="right" nowrap>3,935,840&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Capital East End Project,
      Series 2002A, 5.000%, 12/01/27 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>170&#160;</td>
                <td align="left" nowrap>Capistrano Unified School District, Orange County,
      California, Special Tax Bonds, Community&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>166,092&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities District, Series
      2005, 5.000%, 9/01/24 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>525&#160;</td>
                <td align="left" nowrap>Chino Redevelopment Agency, California, Merged Chino
      Redevelopment Project Area Tax Allocation&#160;</td>
                <td align="right" nowrap>9/16 at 101.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>466,930&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006, 5.000%,
      9/01/38 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,610&#160;</td>
                <td align="left" nowrap>Folsom Public Financing Authority, California,
      Special Tax Revenue Bonds, Series 2004A,&#160;</td>
                <td align="right" nowrap>9/12 at 102.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,620,111&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 9/01/21 &#8211; AMBAC
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,285&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>A2&#160;</td>
                <td align="right" nowrap>3,016,780&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Asset-Backed Revenue Bonds,
      Series 2005A, 5.000%, 6/01/45 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,905&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,628,967&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Drivers
      Trust 2091, 9.523%, 6/01/45 &#8211; AGC Insured (IF)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Hesperia Public Financing Authority, California,
      Redevelopment and Housing Projects Tax&#160;</td>
                <td align="right" nowrap>9/17 at 100.00&#160;</td>
                <td align="right" nowrap>Ba1&#160;</td>
                <td align="right" nowrap>839,550&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Allocation Bonds, Series
      2007A, 5.000%, 9/01/37 &#8211; SYNCORA GTY Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,540&#160;</td>
                <td align="left" nowrap>Irvine Public Facilities and Infrastructure
      Authority, California, Assessment Revenue Bonds,&#160;</td>
                <td align="right" nowrap>9/13 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>5,558,721&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003C, 5.000%,
      9/02/21 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>315&#160;</td>
                <td align="left" nowrap>Los Angeles Community Redevelopment Agency,
      California, Lease Revenue Bonds, Manchester Social&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>281,062&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Services Project, Series
      2005, 5.000%, 9/01/37 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,770&#160;</td>
                <td align="left" nowrap>Los Angeles Unified School District, California,
      Certificates of Participation, Administration&#160;</td>
                <td align="right" nowrap>10/12 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>1,779,204&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Building Project II, Series
      2002C, 5.000%, 10/01/27 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Los Angeles, California, Certificates of
      Participation, Municipal Improvement Corporation,&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>2,011,080&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003AW, 5.000%,
      6/01/33 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Los Angeles, California, Municipal Improvement
      Corporation, Lease Revenue Bonds, Police&#160;</td>
                <td align="right" nowrap>1/17 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,488,255&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Headquarters, Series 2006A,
      4.750%, 1/01/31 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Los Osos, California, Improvement Bonds, Community
      Services Wastewater Assessment District 1,&#160;</td>
                <td align="right" nowrap>9/10 at 103.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,344,165&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002, 5.000%,
      9/02/33 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>150&#160;</td>
                <td align="left" nowrap>Rialto Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Project Area, Series&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>134,912&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2005A, 5.000%, 9/01/35 &#8211;
      SYNCORA GTY Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>190&#160;</td>
                <td align="left" nowrap>Roseville, California, Certificates of
      Participation, Public Facilities, Series 2003A, 5.000%,&#160;</td>
                <td align="right" nowrap>8/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>190,372&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/25 &#8211; AMBAC
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>San Buenaventura, California, Certificates of
      Participation, Golf Course Financing Project,&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Series 2002D:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 2/01/27 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>2/12 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>3,022,320&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,300&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 2/01/32 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>2/12 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>3,309,240&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,200&#160;</td>
                <td align="left" nowrap>San Diego Redevelopment Agency, California,
      Subordinate Lien Tax Increment and Parking Revenue&#160;</td>
                <td align="right" nowrap>9/10 at 100.50&#160;</td>
                <td align="right" nowrap>Baa2&#160;</td>
                <td align="right" nowrap>1,164,168&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Centre City Project,
      Series 2003B, 5.250%, 9/01/26&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,770&#160;</td>
                <td align="left" nowrap>San Jose Financing Authority, California, Lease
      Revenue Refunding Bonds, Civic Center Project,&#160;</td>
                <td align="right" nowrap>6/12 at 100.00&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>2,785,734&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2002B, 5.000%,
      6/01/32 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>San Jose Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Project Area, Series&#160;</td>
                <td align="right" nowrap>8/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>990,510&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">2005A, 5.000%, 8/01/28 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">39,445&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/Limited&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">38,471,567&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transportation &#8211; 7.8% (5.4% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,480&#160;</td>
                <td align="left" nowrap>Bay Area Governments Association, California, BART
      SFO Extension, Airport Premium Fare Revenue&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>4,698,607&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2002A,
      5.000%, 8/01/26 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Foothill/Eastern Transportation Corridor Agency,
      California, Toll Road Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>7/10 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>1,774,920&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">1995A, 5.000%, 1/01/35&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">7,480&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Transportation&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">6,473,527&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 19.0% (13.2%
      of Total Investments) (4)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Berryessa Union School District, Santa Clara County,
      California, General Obligation Bonds,&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,094,130&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2003C, 5.000%,
      8/01/21 (Pre-refunded 8/01/12) &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>California State, General Obligation Bonds, Series
      2002:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,290&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 4/01/27
      (Pre-refunded 4/01/12) &#8211; AMBAC Insured&#160;</td>
                <td align="right" nowrap>4/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,394,413&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,945&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 4/01/30
      (Pre-refunded 4/01/12) &#8211; SYNCORA GTY Insured&#160;</td>
                <td align="right" nowrap>4/12 at 100.00&#160;</td>
                <td align="right" nowrap>A1 (4)&#160;</td>
                <td align="right" nowrap>3,196,827&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>California, General Obligation Bonds, Series 2004,
      5.250%, 4/01/34 (Pre-refunded 4/01/14)&#160;</td>
                <td align="right" nowrap>4/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>576,205&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,625&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,937,163&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Series
      2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,030&#160;</td>
                <td align="left" nowrap>Hacienda La Puente Unified School District, Los
      Angeles County, California, General Obligation&#160;</td>
                <td align="right" nowrap>8/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,288,886&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2003B,
      5.000%, 8/01/27 (Pre-refunded 8/01/13) &#8211; AGM Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,260&#160;</td>
                <td align="left" nowrap>Rancho Mirage Joint Powers Financing Authority,
      California, Revenue Bonds, Eisenhower Medical&#160;</td>
                <td align="right" nowrap>7/14 at 100.00&#160;</td>
                <td align="right" nowrap>A3 (4)&#160;</td>
                <td align="right" nowrap>1,488,136&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Center, Series 2004,
      5.875%, 7/01/26 (Pre-refunded 7/01/14)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,220&#160;</td>
                <td align="left" nowrap>San Jose Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Area Redevelopment&#160;</td>
                <td align="right" nowrap>8/10 at 101.00&#160;</td>
                <td align="right" nowrap>A (4)&#160;</td>
                <td align="right" nowrap>1,242,204&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Project, Series 2002,
      5.000%, 8/01/32 (Pre-refunded 8/01/10) &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,390&#160;</td>
                <td align="left" nowrap>Solano County, California, Certificates of
      Participation, Series 2002, 5.250%, 11/01/24&#160;</td>
                <td align="right" nowrap>11/12 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211; (4)&#160;</td>
                <td align="right" nowrap>2,638,273&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">(Pre-refunded 11/01/12) &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">14,260&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total U.S.
      Guaranteed&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">15,856,237&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Utilities &#8211; 3.1% (2.1% of Total
      Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Anaheim Public Finance Authority, California, Second
      Lien Electric Distribution Revenue Bonds,&#160;</td>
                <td align="right" nowrap>10/14 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,067,170&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2004, 5.250%,
      10/01/21 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>945&#160;</td>
                <td align="left" nowrap>Long Beach Bond Finance Authority, California,
      Natural Gas Purchase Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>927,905&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2007A, 5.500%,
    11/15/37&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>275&#160;</td>
                <td align="left" nowrap>Los Angeles Department of Water and Power,
      California, Power System Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>7/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>297,382&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2003A-2, 5.000%, 7/01/21 &#8211;
      NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>310&#160;</td>
                <td align="left" nowrap>Merced Irrigation District, California, Electric
      System Revenue Bonds, Series 2005, 5.125%,&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>288,892&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">9/01/31 &#8211; SYNCORA GTY Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,530&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Utilities&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,581,349&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Water and Sewer &#8211; 13.8% (9.6%
      of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Castaic Lake Water Agency, California, Certificates
      of Participation, Series 2006C, 5.000%,&#160;</td>
                <td align="right" nowrap>8/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,004,680&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/36 &#8211; NPFG
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>750&#160;</td>
                <td align="left" nowrap>Fortuna Public Finance Authority, California, Water
      Revenue Bonds, Series 2006, 5.000%,&#160;</td>
                <td align="right" nowrap>10/16 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>753,593&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">10/01/36 &#8211; AGM
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>215&#160;</td>
                <td align="left" nowrap>Healdsburg Public Financing Authority, California,
      Wastewater Revenue Bonds, Series 2006,&#160;</td>
                <td align="right" nowrap>4/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>216,284&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 4/01/36 &#8211; NPFG
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>770&#160;</td>
                <td align="left" nowrap>Manteca Financing Authority, California, Sewerage
      Revenue Bonds, Series 2003B, 5.000%,&#160;</td>
                <td align="right" nowrap>12/13 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>752,098&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">12/01/33 &#8211; NPFG
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>170&#160;</td>
                <td align="left" nowrap>Marina Coast Water District, California, Enterprise
      Certificate of Participation, Series 2006,&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>171,756&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 6/01/31 &#8211; NPFG
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>San Diego Public Facilities Financing Authority,
      California, Subordinate Lien Water Revenue&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Bonds, Series 2002:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 8/01/22 &#8211; NPFG
      Insured&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>3,144,030&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,500&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 8/01/23 &#8211; NPFG
      Insured&#160;</td>
                <td align="right" nowrap>8/12 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>2,601,950&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,180&#160;</td>
                <td align="left" nowrap>South Feather Water and Power Agency, California,
      Water Revenue Certificates of Participation,&#160;</td>
                <td align="right" nowrap>4/13 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,190,573&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Solar Photovoltaic Project,
      Series 2003, 5.375%, 4/01/24&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,600&#160;</td>
                <td align="left" nowrap>Sunnyvale Financing Authority, California, Water and
      Wastewater Revenue Bonds, Series 2001,&#160;</td>
                <td align="right" nowrap>10/11 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,647,152&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px">5.000%, 10/01/26 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,185&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Water
      and Sewer&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">11,482,116&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;&#160;&#160;&#160;&#160;&#160;131,117&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Investments (cost $119,695,844) &#8211; 144.2%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">120,140,312&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Floating
      Rate Obligations &#8211; (4.0)%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(3,360,000)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Variable
      Rate Demand Preferred Shares, at Liquidation Value &#8211; (42.6)% (5)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(35,500,000)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Other
      Assets Less Liabilities &#8211; 2.4%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">2,042,373&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net Assets
      Applicable to Common Shares &#8211; 100%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
      83,322,685&#160;</td>
              </tr></table>
        </div><br></div>
      <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value Measurements</font></div>
      <div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">In determining the value of the Fund&#8217;s
investments, various inputs are used. These inputs are summarized in the three
broad levels listed below: </div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 1 - Quoted prices in active
markets for identical securities.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 2 - Other significant observable
inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 3 - Significant unobservable
inputs (including management&#8217;s assumptions in determining the fair value of
investments).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">The inputs or methodologies used for valuing
securities are not an indication of the risk associated with investing in those
securities. The following is a summary of the Fund&#8217;s fair value measurements as
of May 31, 2010:</div>
        <div>&#160;</div>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
                <td width="34%">
                </td>
                <td width="30%">
                </td>
                <td width="14%">
                </td>
                <td width="11%">
                </td>
                <td width="10%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 1</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 2</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 3</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>Investments:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: 5px">Municipal Bonds&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$120,140,312&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$120,140,312&#160;</td>
              </tr></table>
        </div><br>
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Tax Information</font></div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">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 securities reflected as financing transactions, if any. 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.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">At May 31, 2010, the cost of investments was
$116,280,035.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized
depreciation of investments at May 31, 2010, were as follows:</div>
        <div>&#160;</div>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
                <td width="62%">
                </td>
                <td width="37%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">Gross
      unrealized:&#160;</td>
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;&#160; Appreciation&#160;</td>
                <td align="right" nowrap>$ 3,904,157&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;&#160; Depreciation&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(3,401,444)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net
      unrealized appreciation (depreciation) of investments&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;&#160;&#160;
502,713&#160;</td>
              </tr></table>
        </div><br>
        <div align="left">
          <table border="0" cellspacing="0" style="WIDTH: 9in; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
                <td width="7%">
                </td>
                <td width="92%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>The Fund intends to invest at least 80% of its net
      assets in municipal securities that are covered by&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>insurance guaranteeing the timely payment of
      principal and interest.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(1)&#160;</td>
                <td align="left" nowrap>All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>shares unless otherwise noted.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(2)&#160;</td>
                <td align="left" nowrap>Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>may be subject to periodic principal
    paydowns.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(3)&#160;</td>
                <td align="left" nowrap>Ratings: Using the highest of Standard &amp; Poor&#8217;s
      Group (&#8220;Standard &amp; Poor&#8217;s&#8221;), Moody&#8217;s Investor Service,
Inc.&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>(&#8220;Moody&#8217;s&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;) rating. Ratings
      below BBB by Standard &amp; Poor&#8217;s, Baa by Moody&#8217;s or BBB&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>by Fitch are considered to be below investment
      grade.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(4)&#160;</td>
                <td align="left" nowrap>Backed by an escrow or trust containing sufficient
      U.S. Government or U.S. Government agency securities,&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>which ensure the timely payment of principal and
      interest. Such investments are normally considered to&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>be equivalent to AAA rated securities.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(5)&#160;</td>
                <td align="left" nowrap>Variable Rate Demand Shares, at Liquidation Value as
      a percentage of Total Investments is 29.6%.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>N/R&#160;</td>
                <td align="left" nowrap>Not rated.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>WI/DD&#160;</td>
                <td align="left" nowrap>Purchased on a when-issued or delayed delivery
      basis.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(IF)&#160;</td>
                <td align="left" nowrap>Inverse floating rate investment.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(UB)&#160;</td>
                <td align="left" nowrap>Underlying bond of an inverse floating rate trust
      reflected as a financing
transaction.&#160;</td>
              </tr></table>
        </div><br></div>
    </div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
        </div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
2. Controls and Procedures.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
            <td align="right" valign="top" width="5%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="82%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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)).</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Arial Narrow'">
<tr>
            <td align="right" valign="top" width="5%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="82%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
3. Exhibits.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
        </div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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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></div>
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California Tax-Free Advantage Municipal Fund&#160;</font></font></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/&#160;Kevin
J.
McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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President and Secretary</font></div>
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30, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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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></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160; &#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</font></font></div>
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R. Zimmerman</font></div>
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Administrative Officer (principal executive officer)&#160;</font></div>
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30, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160; /s/
Stephen D.
Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;</font></font></div>
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D. Foy</font></div>
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30,&#160;2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification2.htm
<DESCRIPTION>CERTIFICATIONS
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Gifford R. Zimmerman, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
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<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
</td>
</tr></table>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
</td>
</tr></table>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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):</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
</td>
</tr></table>
</div>

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<td align="right" style="WIDTH: 45pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 30, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Gifford R. Zimmerman</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gifford R. Zimmerman</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Administrative Officer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(principal executive officer)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Stephen D. Foy, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-Q of Nuveen Insured California Tax-Free Advantage Municipal Fund;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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):</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 30, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stephen D. Foy</font></div>

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