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<SEC-DOCUMENT>0000891804-05-000318.txt : 20050128
<SEC-HEADER>0000891804-05-000318.hdr.sgml : 20050128
<ACCEPTANCE-DATETIME>20050128112845
ACCESSION NUMBER:		0000891804-05-000318
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041130
FILED AS OF DATE:		20050128
DATE AS OF CHANGE:		20050128
EFFECTIVENESS DATE:		20050128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN CALIFORNIA MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000818851
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05235
		FILM NUMBER:		05556513

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NCA
<TEXT>
<HTML>

<HEAD>
<TITLE>
Nuveen California Municipal Value Fund, Inc.
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-5235
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen California Municipal Value Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois, 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
08/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11/30/04
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>

<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<P><FONT FACE="Arial Narrow" size="3">Portfolio of Investments (Unaudited)<BR>
<B>Nuveen California Municipal Value Fund, Inc. </B>(NCA) <BR><I>November 30,  2004</I><BR><BR><BR> </FONT>
</BLOCKQUOTE></BLOCKQUOTE>




<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="1%"></TH>
   <TH width="9%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Principal</B> </FONT></P></TH>
   <TH width="1%"></TH>
   <TH width="59%"></TH>
   <TH width="12%"><P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Optional Call</B></FONT></P></TH>
   <TH width="8%"></TH>
   <TH width="10%"> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Market</B></FONT></P></TH>
</TR>
<TR>
   <TH></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Amount (000)</B></FONT></P></TH>
   <TH></TH>
   <TH><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Description<SUP>(1)</SUP></B> </FONT></P> </TH>
   <TH> <P align=right> <FONT FACE="Arial Narrow" SIZE="1"><B>Provisions*</B></FONT></P></TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Ratings**</B> </FONT></P> </TH>
   <TH> <P align=right><FONT FACE="Arial Narrow" SIZE="1"><B>Value</B> </FONT></P></TH>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Consumer Staples - 1.8%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">2,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$&nbsp;&nbsp;&nbsp;  2,081,640</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,438,350</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003A-1, 6.250%, 6/01/33</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Education and Civic Organizations - 0.6%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Certificates of Participation, San Diego</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/06 at 105.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,539,705</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Space and Science Foundation, Series 1996, 7.500%, 12/01/26</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Healthcare - 10.3%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">915</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">916,748</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1992, 6.500%, 11/15/12</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12,813,720</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999A, 6.125%, 12/01/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Revenue Refunding Bonds, Sherman Oaks Health</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,254,320</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;System, Series 1998A, 5.000%, 8/01/22 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Central California Joint Powers Health Finance Authority, Certificates of Participation, Community</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,158,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Hospitals of Central California Obligated Group, Series 2000, 6.000%, 2/01/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,440</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association, Series 1997A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,535,026</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.300%, 12/01/08</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,730</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,876,894</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.375%, 7/01/21 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Housing/Multifamily - 4.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,350</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">ABAG Finance Authority for Non-Profit Corporations, California, Multifamily Housing Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,637,162</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Refunding Bonds, United Dominion/2000 Post Apartments, Series 2000B, 6.400%, 8/15/30 (Alternative</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Minimum Tax) (Mandatory put 8/15/08)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,600</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,467,296</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Multifamily Housing Refunding Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,288,350</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Archstone Communities Trust, Archstone Pelican Point Apartments, Series 1999H, 5.300%, 6/01/29</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Mandatory put 6/01/08)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Housing/Single Family - 0.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">55</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Rural Home Mortgage Finance Authority, Single Family Mortgage Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Aaa</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">55,329</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities Program, Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">520</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Rural Home Mortgage Finance Authority, Single Family Mortgage Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">522,236</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities Program, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Industrials - 0.4%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc.,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,013,450</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004, 4.100%, 9/01/14 (Alternative Minimum Tax) (Mandatory put 9/01/09)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Long-Term Care - 4.5%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Elder Care Alliance</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">of Union City, Series 2004:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,850</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.400%, 8/15/24</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,911,254</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,130</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.600%, 8/15/34</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,209,406</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,720</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,708,304</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Certificates of Participation, Internext</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,051,750</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Group, Series 1999, 5.375%, 4/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Riverside County Public Financing Authority, California, Certificates of Participation, Air Force</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,570,230</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Village West, Series 1999, 5.750%, 5/15/19</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/General - 13.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27 - MBIA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,193,075</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, General Obligation Bonds, Series 2004:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/20</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">523,365</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 2/01/21</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,411,120</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.300%, 4/01/29</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,069,980</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,850</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 4/01/34</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,924,471</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,053,490</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2002A, 5.000%, 8/01/21 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,200</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,348,768</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/22 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,845</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2001,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/08 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,911,420</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.125%, 8/01/21 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 2001A, 5.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,311,280</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/20 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Ramon Valley Unified School District, Contra Costa County, California, General Obligation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,562,550</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 2003, 5.000%, 8/01/23 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,325</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Temecula Valley Unified School District, Riverside County, California, General Obligation Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,523,788</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1990F, 6.000%, 9/01/20 (Pre-refunded to 9/01/06) - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,460</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">West Contra Costa Unified School District, Contra Costa County, California, General Obligation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/11 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,537,292</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 2003B, 5.000%, 8/01/20 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Tax Obligation/Limited - 37.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">2003:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 10/01/23 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,169,500</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.625%, 10/01/33 - RAAI Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,052,150</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment Project,</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Series 2003:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.625%, 12/01/28 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,840,165</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,010</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.750%, 12/01/33 - FGIC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,516,110</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central Business</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,434,536</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;and Residential District Project, Series 2003C, 5.000%, 8/01/28 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California, Economic Recovery Revenue Bonds, Series 2004A:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,400</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/15</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,700,900</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/16</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AA-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,116,500</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California State Public Works Board, Lease Revenue Bonds, Department of Corrections, State</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/06 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9,247,680</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Substance Abuse Treatment Facility and Corcoran II State Prison, Series 1996A, 5.250%, 1/01/21 -</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,400,680</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;1999A, 5.750%, 11/01/24 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Capistrano Unified School District, Ladera, California, Special Tax Bonds, Community Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/09 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,021,520</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;District 98-2, Series 1999, 5.750%, 9/01/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,025</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Chino Unified School District, California, Certificates of Participation, Master Lease Program,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,172,015</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1995, 6.000%, 9/01/20 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Commerce Community Development Commission, California, Subordinate Lien Tax Allocation Refunding</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,879,324</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Duarte Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended Davis Addition</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/07 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,146,200</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Project Area, Series 1997A, 6.700%, 9/01/14</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Asset-Backed Bonds, Series 2003B:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,800</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.500%, 6/01/33</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,985,288</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.625%, 6/01/38</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,150,840</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,783,825</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,685</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/05 at 103.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,816,481</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.650%, 9/02/13</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax Revenue</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Bonds, Series 2004:</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,045</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 9/01/22 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,126,353</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,145</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 9/01/23 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,228,471</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,255</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.250%, 9/01/24 - AMBAC Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,339,286</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">420</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">463,420</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Redevelopment Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/09 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,842,240</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facilities District 90-1, Series 1999, 5.800%, 8/01/29 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/12 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,428,898</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;7/01/36</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">485</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile Home</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">474,800</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Park Project, Series 1999B, 6.500%, 3/20/29</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,440</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,455,062</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,130</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention Center,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/11 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,326,220</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2004, 5.250%, 7/01/23 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">345</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2/06 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">347,998</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1993, 5.000%, 8/01/20 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,750</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,878,508</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2001F, 5.000%, 9/01/20 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,700</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/07 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,822,009</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Facility Acquisition Project, Series 1997A, 5.950%, 1/01/11</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 - AMBAC</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/14 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,034,660</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,845</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/11 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,891,409</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 12/01/27 - AMBAC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Notes, Series 1999A, 6.500%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,451,770</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;10/01/24</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,570</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,625,281</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Transportation - 4.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/14 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB-</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,326,685</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 1999, 0.000%, 1/15/27</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,250</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 - FSA Insured</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,333,400</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/06 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,242,000</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Second Series Issue 10A, 5.625%, 5/01/21 (Alternative Minimum Tax) - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>U.S. Guaranteed *** - 12.0%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,115</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Educational Facilities Authority, Revenue Bonds, Pooled College and University Projects,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,689,219</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2000C, 6.750%, 6/01/30</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,065</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,938,371</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, Central</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1/05 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB***</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,570,900</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,808</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Merced Irrigation District, California, Subordinated Revenue Certificates of Participation,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3/08 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,538,479</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Electric System Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded to 3/01/08)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,565</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Palmdale, California, GNMA Mortgage-Backed Securities Program, Single Family Mortgage Revenue</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,891,215</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bonds, Series 1988A, 0.000%, 3/01/17</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">20,415</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">No Opt. Call</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8,947,486</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,920</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">South Placer Wastewater Authority, California, Wastewater Revenue Bonds, Series 2000A, 5.000%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">11/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,145,677</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;11/01/20 (Pre-refunded to 11/01/10) - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Utilities - 5.9%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">A2</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">4,777,740</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5/01/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">California Statewide Community Development Authority, Certificates of Participation Refunding, Rio</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">12/04 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">2,576,160</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">526,170</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;5.000%, 7/01/21 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,300</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Merced Irrigation District, California, Revenue Refunding Bonds, Electric System Project, Series</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">9/05 at 102.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,407,448</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2001, 6.850%, 9/01/36</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,470</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">6/10 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">Baa3</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,744,823</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;(Alternative Minimum Tax)</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P><FONT FACE="Arial Narrow" SIZE="1"><B>Water and Sewer - 4.2%</B></FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">10/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">521,180</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Capital Projects, Series 2003A, 5.000%, 10/01/23 - FSA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,000</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">8/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5,206,300</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;2/01/27 - FGIC Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,580</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">San Diego County Water Authority, California, Water Revenue Refunding Certificates of</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">5/12 at 101.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">AAA</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">1,608,740</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Participation, Series 2002A, 5.000%, 5/01/26 - MBIA Insured</FONT></P></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,500</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project,</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">7/13 at 100.00</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">BBB+</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,564,434</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Series 2003, 5.625%, 7/01/43</FONT></P></TD>
</TR>
<TR>
   <TD colspan=7><HR noshade size=1></TD>
</TR>
<TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">$ </FONT></TD>   <TD> <P align=right><FONT FACE="Arial Narrow" SIZE="1">257,078</FONT></P></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Total Long-Term Investments (cost $236,306,513) - 98.5%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">253,147,045</FONT></P></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>   <TD colspan=5><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Other Assets Less Liabilities - 1.5%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">3,751,085</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=1></TD>
</TR>
<TR>
   <TD></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net Assets - 100%</FONT></P></TD>
   <TD></TD>
   <TD></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$256,898,130</FONT></P></TD>
</TR>
<TR>
   <TD colspan=3></TD>   <TD colspan=4><HR noshade size=2></TD>
</TR>
</TABLE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TH width="11%"></TH><TH width="59%"></TH><TH width="10%"></TH><TH width="20%"></TH>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">*&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">may be other call provisions at varying prices at later dates.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">**&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">***&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">to be equivalent to AAA rated securities.</FONT></P></TD>
</TR>
<TR>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">N/R&nbsp;&nbsp;</FONT></P></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Investment is not rated.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"><B>Income Tax Information</B></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">The following information is presented on an income tax basis. Differences between amounts for financial</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">statement and federal income tax purposes are primarily due to timing differences in recognizing income</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">on taxable market discount securities and timing differences in recognizing certain gains and losses on</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">security transactions.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">At November 30, 2004, the cost of investments was $236,245,772.</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2004,</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">were as follows:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1"></FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Gross unrealized:</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Appreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$17,837,247</FONT></P></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">&nbsp;&nbsp;&nbsp;Depreciation</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">(935,974)</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=1></TD>
</TR>
   <TR>
   <TD></TD>
   <TD><P align=left><FONT FACE="Arial Narrow" SIZE="1">Net unrealized appreciation of investments</FONT></P></TD>
   <TD><P align=right><FONT FACE="Arial Narrow" SIZE="1">$16,901,273</FONT></P></TD>
</TR>
<TR>
   <TD></TD>
   <TD colspan=2><HR noshade size=2></TD>
</TR><TR>
   <TD><FONT FACE="Arial Narrow" SIZE="1">&nbsp;</FONT></TD>
</TR>
</TABLE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934, (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that has materially affected, or is reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen California Municipal Value Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (Principal Executive Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of 811-5235;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (Principal Executive Officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
      for the registrant and have:
      <OL type='a'><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (Principal Financial Officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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