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<SEC-DOCUMENT>0001171200-10-000620.txt : 20100628
<SEC-HEADER>0001171200-10-000620.hdr.sgml : 20100628
<ACCEPTANCE-DATETIME>20100628134208
ACCESSION NUMBER:		0001171200-10-000620
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100430
FILED AS OF DATE:		20100628
DATE AS OF CHANGE:		20100628
EFFECTIVENESS DATE:		20100628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		10919502

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>i00274_bfz-nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> SECURITIES AND EXCHANGE COMMISSION </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM N-Q</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Investment Company Act file number 811-10331</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Name of Fund: BlackRock California Municipal Income Trust (BFZ)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52<sup>nd</sup> Street, New York, NY 10055.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Date of fiscal year end: 07/31/2010</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Date of reporting period: 04/30/2010</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:11pt; margin-top:0pt;text-align:left;'><font size=2>Item 1 &#150; Schedule of Investments</font></p>

        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

<!-- insert -->

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>Schedule of Investments </FONT><FONT SIZE=2>April 30, 2010 (Unaudited)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>BlackRock California Municipal Income Trust (BFZ)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><B> (Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par<BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California &#151; 111.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Corporate &#151; 1.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Pollution Control Financing<BR>
 Authority, RB, Waste Management<BR>
 Inc. Project, Series C, AMT, 6.75%,<BR>
 12/01/27</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,700</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,791,057</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>City of Chula Vista California, Refunding<BR>
 RB, San Diego Gas &amp; Electric,<BR>
 Series A, 5.88%, 2/15/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>680</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>749,605</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,540,662</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE="2"><B>County/City/Special District/School District &#151; 38.0%</B> </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Benicia Unified School District, GO,<BR>
 CAB, Series B (NPFGC), 5.54%,<BR>
 8/01/23 (a)</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,038,100</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Butte-Glenn Community College<BR>
 District, GO, Election of 2002, Series<BR>
 C, 5.50%, 8/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,925</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,625,174</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California State Department of Water<BR>
 Resources, Refunding RB, Water<BR>
 System, Series AF, 5.00%, 12/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,687,600</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California State Public Works Board,<BR>
 RB, Various Capital Projects,<BR>
 Sub-Series I-1, 6.63%, 11/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,650</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,801,272</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Central Unified School District, GO,<BR>
 Election of 2008, Series A (AGC),<BR>
 5.63%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>428,712</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cerritos Community College District,<BR>
 GO, Election of 2004, Series C,<BR>
 5.25%, 8/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,138,480</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Chabot-Las Positas Community College<BR>
 District California, GO, Election of<BR>
 2004, Series B (AMBAC), 5.00%,<BR>
 8/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,549,550</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>City &amp; County of San Francisco<BR>
 California, COP, Multiple Capital<BR>
 Improvement Projects, Series A,<BR>
 5.00%, 4/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,035</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,060,949</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Corona-Norca Unified School District<BR>
 California, Special Tax Bonds,<BR>
 Community Facilities District No. 98-<BR>
 1 (AMBAC), 5.10%, 9/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,797,800</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>County of Kern California, COP, Capital<BR>
 Improvements Projects, Series A<BR>
 (AGC), 6.00%, 8/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,663,470</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Elk Grove Unified School District<BR>
 California, Special Tax Bonds, CAB,<BR>
 Community Facilities No. 1<BR>
 (AMBAC) (a):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.60%, 12/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,485</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,183,524</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1><B>Municipal
 Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par <BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California (continued)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE="2"><B>County/City/Special District/School District (continued)</B> </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Elk Grove Unified School District<BR>
 California, Special Tax Bonds, CAB,<BR>
 Community Facilities No. 1<BR>(AMBAC) (a) (concluded):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.60%, 12/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,485</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,025,965</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.60%, 12/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,485</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,889,513</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Evergreen Elementary School District,<BR>
 GO, Election of 2006, Series B (AGC),<BR>
 5.13%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,586,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Glendale Community College District<BR>
 California, GO, Election of 2002,<BR>
 Series D (NPFGC), 5.00%, 11/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,551,425</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Long Beach Unified School District<BR>
 California, GO, Refunding, Election of<BR>
 2008, Series A, 5.75%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>4,135</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>4,528,900</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Alamitos Unified School District<BR>
 California, GO, School Facilities<BR>
 Improvement District No. 1, 5.50%,<BR>
 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,125</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,480,573</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Angeles Municipal Improvement<BR>
 Corp., Refunding RB, Real Property,<BR>
 Series B (AGC), 5.50%, 4/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,580</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,754,047</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Modesto Irrigation District, COP Capital<BR>
 Improvements, Series A:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.75%, 10/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>3,256,830</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.75%, 10/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>100</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>106,823</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series B, 5.50%, 7/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>5,700</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>6,017,889</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Murrieta Valley Unified School District<BR>
 Public Financing Authority, Special<BR>
 Tax Bonds, Refunding, Series A<BR>
 (AGC), 5.13%, 9/01/26</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,052,070</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Oak Grove School District California,<BR>
 GO, Election of 2008, Series A,<BR>
 5.50%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>6,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>6,412,080</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Orange County Water District, COP,<BR>
 Refunding, 5.25%, 8/15/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,124,040</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Peralta Community College District<BR>
 California, GO, Election of 2006,<BR>
 Series C, 5.00%, 8/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,627,275</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Pittsburg Redevelopment Agency, Tax<BR>
 Allocation Bonds, Refunding,<BR>
 Subordinate, Los Medanos<BR>
 Community Project, Series A, 6.50%,<BR>
 9/01/28</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,076,070</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Portfolio Abbreviations</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>To simplify the listings of
portfolio holdings in the Schedule of Investments, the names and descriptions
of many of the securities have been abbreviated according to the following
list:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>AGC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Assured Guaranty Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>AGM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Assured Guaranty Municipal
 Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>AMBAC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>American Municipal Bond
 Assurance Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>AMT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Alternative Minimum Tax
 (subject to)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>CAB</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Capital Appreciation Bonds</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COP</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Certificates of
 Participation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>GO</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>General Obligation Bonds</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>LRB</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Lease Revenue Bonds</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>M/F</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Multi-Family</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>NPFGC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>National Public Finance
 Guarantee Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>RB</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Revenue Bonds</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>BLACKROCK
 CALIFORNIA MUNICIPAL INCOME TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>APRIL 30, 2010</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>1</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>Schedule of Investments </FONT><FONT SIZE=2>(continued)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>BlackRock California Municipal Income Trust (BFZ)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><B> (Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par<BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>California
 (continued)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>County/City/Special District/School District
 (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Pittsburg Unified School District, GO,<BR>
 Election of 2006, Series B (AGM),<BR>
 5.50%, 8/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,000
 </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,116,660</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Port of Oakland, Refunding RB,<BR>
 Series M, AMT (NPFGC), 5.38%,<BR>
 11/01/27</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,300</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,232,251</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Bernardino Community College<BR>
 District California, GO, Election of<BR>
 2002, Series C (AGM), 5.00%,<BR>
 8/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,047,260</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Diego Community College District<BR>
 California, GO:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.25%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,050,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Election of 2002 (AGM), 5.00%,<BR>
 5/01/25</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,615</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,225,150</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Diego Regional Building Authority<BR>
 California, RB, County Operations<BR>
 Center &amp; Annex, Series A, 5.38%,<BR>
 2/01/36</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,868,745</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Jose Financing Authority,<BR>
 Refunding RB, Civic Center Project,<BR>
 Series B (AMBAC), 5.00%, 6/01/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,017,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Jose Unified School District Santa<BR>
 Clara County California, GO, Election<BR>
 of 2002, Series D, 5.00%, 8/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,625</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,762,138</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Leandro Unified School District<BR>
 California, GO, Election of 2006,<BR>
 Series B (AGM), 6.25%, 8/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,125</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,284,356</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Santa Ana Unified School District, GO,<BR>
 Election of 2008, Series A:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.50%, 8/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,050</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,467,087</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.13%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,335,600</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Santa Cruz County Redevelopment<BR>
 Agency California, Tax Allocation<BR>
 Bonds, Live Oak/Soquel Community<BR>
 Improvement, Series A:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.63%, 9/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,085,760</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>7.00%, 9/01/36</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,700</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,885,402</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Snowline Joint Unified School District,<BR>
 COP, Refunding, Refining Project<BR>
 (AGC), 5.75%, 9/01/38</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,211,220</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Torrance Unified School District<BR>
 California, GO, Election of 2008,<BR>
 Measure Z, 6.00%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,433,720</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Val Verde Unified School District<BR>
 California, GO, Election of 2008,<BR>
 Series A, 5.50%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,615</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,982,331</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Westminster Redevelopment Agency<BR>
 California, Tax Allocation Bonds,<BR>
 Subordinate, Commercial<BR>
 Redevelopment Project No. 1 (AGC),<BR>
 6.25%, 11/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,750</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,832,442</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>171,302,053</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1><B>Municipal
 Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par <BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California (continued)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Education &#151; 6.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Educational Facilities<BR>
 Authority, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.25%, 12/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,110,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Scripps College (NPFGC), 5.00%,<BR>
 8/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,385</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,388,268</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>University of San Diego, Series A,<BR>
 5.25%, 10/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,250</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,268,698</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Educational Facilities<BR>
 Authority, Refunding RB, Loyola<BR>
 Marymount University, Series A,<BR>
 5.13%, 10/01/40</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,605</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,615,063</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Mount San Antonio Community College<BR>
 District California, GO, Election of<BR>
 2001, Series D, 5.00%, 6/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,995</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,048,700</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Peralta Community College District<BR>
 California, GO, Election of 2006,<BR>
 Series C, 5.50%, 8/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,890</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,102,010</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>University of California, RB, Limited<BR>
 Project, Series D:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>(AGM), 5.00%, 5/15/41</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,600</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,633,800</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>(NPFGC), 5.00%, 5/15/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,600</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,661,906</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>(NPFGC), 5.00%, 5/15/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,385</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,401,357</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>University of California, Refunding RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>General, Series A (AMBAC), 5.00%,<BR>
 5/15/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,185</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,228,132</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series S, 5.00%, 5/15/40</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,578,850</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>27,037,184</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Health &#151; 15.4%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>ABAG Finance Authority for Nonprofit<BR>
 Corps, Refunding RB, Sharp<BR>
 Healthcare:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>6.38%, 8/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,160,680</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>6.25%, 8/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,272,490</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Health Facilities Financing<BR>
 Authority, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Adventist Health System-West,<BR>
 Series A, 5.75%, 9/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,232,140</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Catholic Healthcare West, Series J,<BR>
 5.63%, 7/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,475</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,512,376</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Health Facilities Financing<BR>
 Authority, Refunding RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Catholic Healthcare West, Series A,<BR>
 6.00%, 7/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,733,520</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Catholic Healthcare West, Series A,<BR>
 6.00%, 7/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>535,995</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Catholic Healthcare West, Series E,<BR>
 5.63%, 7/01/25</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,199,980</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Providence Health &amp; Services,<BR>
 Series C, 6.50%, 10/01/38</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,165</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,316,287</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Scripps Health, Series A, 5.00%,<BR>
 11/15/36</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,290</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,243,818</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Infrastructure &amp; Economic<BR>
 Development Bank, RB, Kaiser<BR>
 Hospital Assistance I-LLC, Series A,<BR>
 5.55%, 8/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>15,260</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>15,411,990</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>BLACKROCK CALIFORNIA
 MUNICIPAL INCOME TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>APRIL 30, 2010</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>Schedule of Investments </FONT><FONT SIZE=2>(continued)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>BlackRock California Municipal Income Trust (BFZ)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><B> (Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par<BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>California
 (continued)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Health (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Statewide Communities<BR>
 Development Authority, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Health Facility, Memorial Health<BR>
 Services, Series A, 5.50%,<BR>
 10/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,105,070</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Kaiser Permanente, Series A,<BR>
 5.50%, 11/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,125,600</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Statewide Communities<BR>
 Development Authority, Refunding<BR>
 RB, Catholic Healthcare West:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series B, 5.50%, 7/01/30</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,098,340</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series E, 5.50%, 7/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,622,940</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>69,571,226</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>State &#151; 10.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California State Public Works Board,<BR>
 RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Department of Education, Riverside<BR>
 Campus Project, Series B, 6.50%,<BR>
 4/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,693,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Various Capital Projects, Sub-Series<BR>
 I-1, 6.38%, 11/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,475</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>2,651,591</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>State of California, GO, Various<BR>
 Purpose:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.00%, 3/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,503,550</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.50%, 4/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23,825</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27,012,071</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>44,860,212</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Transportation &#151; 9.5%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>County of Orange California, RB,<BR>
 Series B, 5.75%, 7/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>8,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>8,690,640</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>County of Sacramento California, RB,<BR>
 Senior Series B, 5.75%, 7/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,850</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,989,471</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Foothill Eastern Transportation Corridor<BR>
 Agency California, RB, CAB, Senior<BR>
 Lien, Series A, 5.79%, 1/01/26 (a)(b)</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,181,800</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Foothill Eastern Transportation Corridor<BR>
 Agency California, Refunding RB,<BR>
 CAB, 5.88%, 7/15/26</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,973,650</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Angeles Department of Airports,<BR>
 Refunding RB, Senior, Los Angeles<BR>
 International Airport, Series A, 5.00%,<BR>
 5/15/40</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,880</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,972,525</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Port of Oakland, RB, Series K, AMT<BR>
 (NPFGC), 5.75%, 11/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,650</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,649,721</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Francisco City &amp; County Airports<BR>
 Commission, RB, Series E, 6.00%,<BR>
 5/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>6,750</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>7,403,670</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Joaquin Hills Transportation<BR>
 Corridor Agency California, Refunding<BR>
 RB, CAB, Series A (NPFGC) (a):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.50%, 1/15/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,931,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.51%, 1/15/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,044,200</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>42,837,177</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1><B>Municipal
 Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par <BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California (continued)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Utilities &#151; 31.1%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Infrastructure &amp; Economic<BR>
 Development Bank, RB, California<BR>
 Independent System Operator,<BR>
 Series A, 6.25%, 2/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,813,280</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Calleguas-Las Virgines Public Financing<BR>
 Authority California, RB, Calleguas<BR>
 Municipal Water District Project,<BR>
 Series A (NPFGC), 5.13%, 7/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,475</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,645,327</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>City of Chula Vista California, Refunding<BR>
 RB, San Diego Gas &amp; Electric:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series D, 5.88%, 1/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,102,360</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series E, 5.88%, 1/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,375</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,822,825</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>City of Los Angeles California,<BR>
 Refunding RB (NPFGC):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series A, 5.00%, 6/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,043,200</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sub-Series A, 5.00%, 6/01/27</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,198,550</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>City of Napa California, RB (AMBAC),<BR>
 5.00%, 5/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,069,330</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>East Bay Municipal Utility District, RB<BR>
 (NPFGC):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series A, 5.00%, 6/01/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>4,174,280</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sub-Series A, 5.00%, 6/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,103,230</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>El Dorado Irrigation District &amp; El Dorado<BR>
 Water Agency California, COP,<BR>
 Refunding, Series A, 5.75%, 3/01/24</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,577,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Angeles Department of Water &amp;<BR>
 Power, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Power System, Sub-Series A-1,<BR>
 5.25%, 7/01/38</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,749,200</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Power System, Sub-Series A-1,<BR>
 (AMBAC), 5.00%, 7/01/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16,435,200</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series A, 5.38%, 7/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>3,240,180</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>System, Sub-Series A-2 (AGM),<BR>
 5.00%, 7/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,052,140</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Metropolitan Water District of Southern<BR>
 California, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series A, 5.00%, 7/01/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,180</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,678,852</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series B-2 (NPFGC), 5.00%,<BR>
 10/01/27</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,750</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>1,876,770</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Metropolitan Water District of Southern<BR>California, Refunding RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series B, 5.00%, 7/01/28</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,084,870</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series C, 5.00%, 7/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>4,235</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>4,557,199</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series C, 5.00%, 7/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,697,435</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Orange County Sanitation District, COP,<BR>
 Series B (AGM), 5.00%, 2/01/37,</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>14,700</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>15,270,360</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.00%, 5/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,040</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,353,850</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Diego Public Facilities Financing<BR>
 Authority, Refunding RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Senior Series A, 5.25%, 5/15/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,067,720</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Senior Series A, 5.25%, 5/15/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>4,750</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>5,001,322</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series A, 5.25%, 8/01/38</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,565</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,683,606</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>BLACKROCK
 CALIFORNIA MUNICIPAL INCOME TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>APRIL 30, 2010</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>3</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>Schedule of Investments </FONT><FONT SIZE=2>(continued)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>BlackRock California Municipal Income Trust (BFZ)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><B> (Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par<BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Utilities (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Francisco City &amp; County Public<BR>
 Utilities Commission, Refunding RB,<BR>
 Series A, 5.00%, 11/01/35</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,625</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,814,112</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>140,112,598</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE="2"><B>Total Municipal Bonds in California</B> </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>500,261,112</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Multi-State &#151; 5.5%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
<TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE="2"><B>Diversified Financial Services &#151; 0.6%</B> </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>MuniMae TE Bond Subsidiary LLC,<BR>
 6.80%, 6/30/50 (c)(d)</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,460,030</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Housing &#151; 4.9%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Centerline Equity Issuer Trust (c)(d):</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>5.75%, 5/15/15</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>521,570</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.00%, 5/15/15</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>1,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>1,559,250</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.00%, 5/15/19</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,044,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.30%, 5/15/19</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>1,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>1,048,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>6.80%, 11/30/50</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,077,560</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>7.20%, 11/15/52</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>3,500</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>3,829,980</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>M/F Housing Pass-Through Certificates,<BR>
 RB, AMT:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series 3, Westgate Courtyards<BR>
 Apartments, 5.80%, 11/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,220</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,162,724</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Series 5, 5.95%, 11/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,075</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,056,512</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>MuniMae TE Bond Subsidiary LLC,<BR>
 6.30%, 6/30/49 (c)(d)</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>6,269</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>5,814,145</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,114,241</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
 </TD>
 <TD  VALIGN=BOTTOM>
 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
 </TD>
 <TD  VALIGN=BOTTOM>
 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
 </TD>
 <TD  VALIGN=BOTTOM>
 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
 </TD>
 <TD  VALIGN=BOTTOM>
 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Municipal Bonds in Multi-State</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>24,574,271</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Puerto Rico &#151; 1.7%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>County/City/Special District/School District &#151; 0.7%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Puerto Rico Sales Tax Financing Corp.,<BR>
 RB, First Sub-Series A, 6.50%,<BR>
 8/01/44</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,389,130</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>State &#151; 1.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Commonwealth of Puerto Rico, GO,<BR>
 Refunding, Public improvement,<BR>
 Series B, 6.50%, 7/01/37</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,405,720</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Municipal Bonds in Puerto Rico</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,794,850</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Municipal Bonds &#150; 118.2%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>532,630,233</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
<TR>
<TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds Transferred to
 Tender<BR>
 Option Bond Trusts (e)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California &#151; 36.1%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>County/City/Special District/School District &#151; 19.8%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Angeles Community College District<BR>
 California, GO, Series A:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Election of 2001 (AGM), 5.00%,<BR>
 8/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,189,920</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Election of 2008, 6.00%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>20,131</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>22,573,244</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Municipal Bonds Transferred to
 Tender <BR>
 Option Bond Trusts (Concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Par <BR>
 (000)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>California (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>County/City/Special District/School District (concluded)</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Los Angeles Unified School District<BR>
 California, GO, Series I, 5.00%,<BR>
 1/01/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,000
 </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>5,088,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Mount San Antonio Community College<BR>
 District California, GO, Election of<BR>
 2001, Series C (AGM), 5.00%,<BR>
 9/01/31</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,770</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,027,618</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Diego Community College District<BR>
 California, GO:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Election of 2002, 5.25%, 8/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,484</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,009,847</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Election of 2006 (AGM), 5.00%,<BR>
 8/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>9,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>9,258,390</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Santa Clara County Financing Authority,<BR>Refunding LRB, Series L, 5.25%,<BR>
 5/15/36</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>21,004</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>21,970,824</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>89,117,843</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Education &#151; 8.4%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California Educational Facilities<BR>
 Authority, RB:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Stanford University, Series Q,<BR>
 5.25%, 12/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>10,368,182</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>University of Southern California,<BR>
 Series A, 5.25%, 10/01/18</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,395</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,146,766</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California State University, RB,<BR>
 Systemwide, Series A (AGM), 5.00%,<BR>
 11/01/39</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,400</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>2,426,808</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>University of California, RB, Series O,<BR>
 5.75%, 5/15/34</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12,300</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,810,317</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>37,752,073</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Utilities &#151; 7.9%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>California State Department of Water<BR>
 Resources, Refunding RB, Central<BR>
 Valley Project, Series AE, 5.00%,<BR>
 12/01/29</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,000</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>7,499,310</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Eastern Municipal Water District, COP,<BR>
 Series H, 5.00%, 7/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18,002</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18,511,669</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>San Diego County Water Authority, COP,<BR>
 Refunding:</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series 2008-A (AGM), 5.00%,<BR>
 5/01/33</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,250</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,382,855</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Series A (NPFGC), 5.00%, 5/01/32</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>5,292</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>5,360,936</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>35,754,770</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Municipal Bonds in California</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>162,624,686</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Total
 Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts &#150; 36.1%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>162,624,686</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=2><B>Total
 Long-Term Investments<BR>
 (Cost &#150; $673,748,488) &#150; 154.3%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=2>695,254,919</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD COLSPAN=8  VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>BLACKROCK CALIFORNIA
 MUNICIPAL INCOME TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>APRIL 30, 2010</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=5 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
  <P><FONT SIZE=3>Schedule of Investments </FONT><FONT SIZE=2>(concluded)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>BlackRock California Municipal Income Trust (BFZ)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><B> (Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX" >
 <TD WIDTH="66%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%"  VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%"  VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Short-Term Securities</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Shares</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2  VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>CMA California Municipal Money Fund,<BR>
 0.04% (f)(g)</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040
 </FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Total
 Short-Term Securities<BR>
 (Cost &#150; $7,851,040) &#150; 1.7%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>Total
 Investments <BR>
 (Cost &#150; $681,599,528*) &#150; 156.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>703,105,959</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Other
 Assets Less Liabilities &#150; 2.2%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,862,746</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>Liability
 for Trust Certificates, Including Interest<BR>
 Expense and Fees Payable &#150; (20.2)%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>(91,046,786</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Preferred
 Shares, at Redemption Value &#150; (38.0)%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(171,341,592</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>Net Assets
 Applicable to Common Shares &#150; 100.0%</B></FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>450,580,327</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD  VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The cost and unrealized
 appreciation (depreciation) of investments as of April 30, 2010, as computed
 for federal income tax purposes, were as follows:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>Aggregate
 cost</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>590,046,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Gross
 unrealized appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28,222,384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>Gross
 unrealized depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>(6,146,498</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Net
 unrealized appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,075,886</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Represents a zero-coupon
 bond. Rate shown reflects the current yield as of report date.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Security is collateralized
 by Municipal or US Treasury obligations.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Security represents a beneficial
 interest in a trust. The collateral deposited into the trust is federally
 tax-exempt revenue bonds issued by various state or local governments, or
 their respective agencies or authorities. The security is subject to
 remarketing prior to its stated maturity, and is subject to mandatory
 redemption at maturity.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Security exempt from
 registration under Rule 144A of the Securities Act of 1933. These securities
 may be resold in transactions exempt from registration to qualified
 institutional investors.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Securities represent bonds
 transferred to a tender option bond trust in exchange for which the Trust acquired
 residual interest certificates. These securities serve as collateral in a
 financing transaction.</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investment in Companies considered to be an
 affiliate of the Trust during the period, for purposes of Section 2(a)(3) of
 the Investment Company Act of 1940 were as follows: </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="51%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Affiliate</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Shares<BR>
 Held at<BR>
 July 31,<BR>
 2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Net<BR>
 Activity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Shares<BR>
 Held at<BR>
 April 30,<BR>
 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>CMA California<BR>Municipal<BR>
 Money Fund</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,630,796</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,220,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(g)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Represents the current
 yield as of report date.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="84%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Fair Value Measurements -
 Various inputs are used in determining the fair value of investments, which
 are as follows:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP colspan=2>
 <P><FONT SIZE=2>Level 1 &#151; price quotations
 in active markets/exchanges for identical assets and liabilities</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP  colspan=2>
 <P><FONT SIZE=2>Level 2 &#151; other observable
 inputs (including, but not limited to: quoted prices for similar assets or
 liabilities in markets that are active, quoted prices for identical or
 similar assets or liabilities in markets that are not active, inputs other
 than quoted prices that are observable for the assets or liabilities (such as
 interest rates, yield curves, volatilities, prepayment speeds, loss
 severities, credit risks and default rates) or other market-corroborated
 inputs)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP  colspan=2>
 <P><FONT SIZE=2>Level 3 &#151; unobservable
 inputs based on the best information available in the circumstances, to the
 extent observable inputs are not available (including the Trust&#146;s own
 assumptions used in determining the fair value of investments)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=2>The inputs or methodologies
 used for valuing securities are not necessarily an indication of the risk
 associated with investing in those securities. For information about the
 Trust&#146;s policy regarding valuation of investments and other significant
 accounting policies, please refer to the Trust&#146;s most recent financial
 statements as contained in its annual report.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=2>The following table
 summarizes the inputs used as of April 30, 2010 in determining the fair
 valuation of the Trust&#146;s investments:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="34%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Investments
 in Securities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=13 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Valuation Inputs</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Level 1</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Level 2</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Level 3</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2><B>Assets:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Long-Term<BR>Investments<SUP>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;
 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>695,254,919</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>695,254,919</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT  SIZE=2>Short-Term<BR>Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,851,040
 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>695,254,919</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>703,105,959</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <TD VALIGN=TOP>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

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 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P style=margin-top:-3px><FONT SIZE=2><SUP>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style=margin-top:3px><FONT SIZE=2>See above Schedule of
 Investments for values in each sector.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
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 <P>&nbsp;</P>
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 <P>&nbsp;</P>
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<TR>
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 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>BLACKROCK
 CALIFORNIA MUNICIPAL INCOME TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>APRIL 30, 2010</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>5</FONT></P>
 </TD>
 </TR>
</TABLE>

<!-- end -->
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >

        <td width="8%" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Item 2 &#150; </font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Controls and Procedures</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height:
normal'><font size=2>2(a) &#150; </font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>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 &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>2(b) &#150; </font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Item 3 &#150; </font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Exhibits</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Certifications &#150; Attached hereto</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td colspan="3" valign=top >
<p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;line-height: normal'><font size=2>BlackRock California Municipal Income Trust</font></p> </td> </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td colspan="3" valign=top >&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td width="5%" valign="top" style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt"><font size="2">By:</font></td>
      <td width="25%" valign="top" style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt"><font size="2">/s/ Anne F. Ackerley</font></td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size=2>Anne F. Ackerley</font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Chief Executive Officer of </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">BlackRock California Municipal Income Trust </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3"><font size="2">Date: June 28, 2010 </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3"><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top"><font size="2">By:</font></td>
      <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top"><font size="2">/s/ Anne F. Ackerley</font></td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Anne F. Ackerley </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Chief Executive Officer (principal executive officer) of </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">BlackRock California Municipal Income Trust </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3"><font size="2">Date: June 28, 2010 </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top"><font size="2">By:</font></td>
      <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top"><font size="2">/s/ Neal J. Andrews</font></td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Neal J. Andrews </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Chief Financial Officer (principal financial officer) of </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">BlackRock California Municipal Income Trust </font></td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
      <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="3"><font size="2">Date: June 28, 2010 </font></td>
    </tr>
</table>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>i00274_ex99-cert.htm
<TEXT>
<html>
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        <title></title>
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    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">EX-99. CERT</font></b></p>

        <p style="BORDER-BOTTOM: 0.75pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 10px; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt"><font size="2">I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock California Municipal Income Trust, certify that:</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">The registrant's other certifying officer(s) 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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">a)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">b)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">c)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">d)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">The registrant's other certifying officer(s) 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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">a)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">b)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Date: June 28, 2010 </font></td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" width="25%"><font size="2">/s/ Anne F. Ackerley</font></td>

                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Anne F. Ackerley </font></td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Chief Executive Officer (principal executive officer) of </font></td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">BlackRock California Municipal Income Trust </font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">EX-99. CERT</font></b></p>

        <p style="BORDER-BOTTOM: 0.75pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 10px; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt"><font size="2">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock California Municipal Income Trust, certify that:</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">The registrant's other certifying officer(s) 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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">a)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">b)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
                    </td>
                </tr>
            </table>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">c)</font></p>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
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            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">d)</font></p>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
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            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5.</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">The registrant's other certifying officer(s) 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></p>
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            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">a)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
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            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0in; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">b)</font></p>
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                    <td style="PADDING-BOTTOM: 11pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">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></p>
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                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Date: June 28, 2010 </font></td>
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                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2">&nbsp;</td>
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            <tr>
                <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" width="25%"><font size="2">/s/ <font size="2">Neal J. Andrews</font></font></td>

                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top">&nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2"><font size="2">Neal J. Andrews</font> </font></td>
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            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">Chief Financial Officer (principal financial officer) of </font></td>
            </tr>

            <tr>
                <td style="PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0pt" valign="top" colspan="2"><font size="2">BlackRock California Municipal Income Trust </font></td>
            </tr>
        </table>

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