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<SEC-DOCUMENT>0000891804-05-002275.txt : 20050729
<SEC-HEADER>0000891804-05-002275.hdr.sgml : 20050729
<ACCEPTANCE-DATETIME>20050729085503
ACCESSION NUMBER:		0000891804-05-002275
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050531
FILED AS OF DATE:		20050729
DATE AS OF CHANGE:		20050729
EFFECTIVENESS DATE:		20050729

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:		05982823

	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>
Form N-Q
</TITLE>
</HEAD>

<BODY>


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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-5235
&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;
05/31/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

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



<A name="page_1"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Portfolio of Investments (Unaudited)</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Nuveen California Municipal Value Fund, Inc. (NCA)</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">May 31, 2005</FONT></I>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Optional Call</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<B><FONT size=1 face="sans-serif">Market</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<B><FONT size=1 face="sans-serif">Amount (000)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<B><FONT size=1 face="sans-serif">Provisions*</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<B><FONT size=1 face="sans-serif">Ratings**</FONT></B>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<B><FONT size=1 face="sans-serif">Value</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Consumer Staples - 1.9%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 2,400</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 2,380,032</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,650,725</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003A-1, 6.250%, 6/01/33</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Education and Civic Organizations - 0.5%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Certificates of Participation, San Diego</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/06 at 105.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,566,570</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Space and Science Foundation, Series 1996, 7.500%, 12/01/26</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Healthcare - 10.8%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">915</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/05 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">916,848</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">1992, 6.500%, 11/15/12</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">12,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">13,107,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1999A, 6.125%, 12/01/30</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">System, Series 2005A:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">250</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/24</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">264,743</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">530</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 7/01/35</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">554,518</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,432,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1998A, 5.000%, 8/01/22 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Central California Joint Powers Health Finance Authority, Certificates of Participation, Community</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,265,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Hospitals of Central California Obligated Group, Series 2000, 6.000%, 2/01/30</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,440</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association, Series 1997A,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/07 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,526,789</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.300%, 12/01/08</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,730</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,914,487</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.375%, 7/01/21 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Multifamily - 4.5%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,350</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">ABAG Finance Authority for Non-Profit Corporations, California, Multifamily Housing Revenue</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,590,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Refunding Bonds, United Dominion/2000 Post Apartments, Series 2000B, 6.400%, 8/15/30 (Alternative</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Minimum Tax) (Mandatory put 8/15/08)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,590</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/09 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,663,297</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Multifamily Housing Revenue Refunding Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,237,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Archstone Communities Trust, Archstone Pelican Point Apartments, Series 1999H, 5.300%, 6/01/29</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">(Mandatory put 6/01/08)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Housing/Single Family - 0.1%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Rural Home Mortgage Finance Authority, GNMA Collateralized Single Family Mortgage</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">35,194</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Revenue Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">260</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single Family</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">263,832</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Industrials - 0.4%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc.,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,005,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004, 4.100%, 9/01/14 (Alternative Minimum Tax) (Mandatory put 9/01/09)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Long-Term Care - 4.5%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Elder Care Alliance</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">of Union City, Series 2004:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,850</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.400%, 8/15/24</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,970,065</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,130</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.600%, 8/15/34</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,278,163</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,720</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/07 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,763,248</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Certificates of Participation, Internext</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,088,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Group, Series 1999, 5.375%, 4/01/17</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Riverside County Public Financing Authority, California, Certificates of Participation, Air Force</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,575,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Village West, Series 1999, 5.750%, 5/15/19</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/General - 10.6%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California, General Obligation Bonds, Series 2004:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/01/20</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">535,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,200</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 2/01/21</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">2/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,551,884</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,850</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 4/01/34</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">4/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,050,327</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/12 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,084,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">2002A, 5.000%, 8/01/21 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,475</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Long Beach Community College District, California, General Obligation Bonds, Series 2003A, 5.000%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,616,496</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5/01/28 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,110</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,191,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2005A, 5.000%, 6/01/26 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,200</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,457,376</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">7/01/22 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,845</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2001,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/08 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,954,003</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.125%, 8/01/21 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,383,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2005A:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">285</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/25 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">306,891</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">415</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 9/01/27 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">444,718</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Ramon Valley Unified School District, Contra Costa County, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,617,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2003, 5.000%, 8/01/23 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,570</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Southwestern Community College District, San Diego County, California, General Obligation Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/15 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,717,549</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2005, 5.000%, 8/01/23 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,460</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">West Contra Costa Unified School District, Contra Costa County, California, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/11 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,557,046</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2003B, 5.000%, 8/01/20 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Tax Obligation/Limited - 36.8%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">2003:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 10/01/23 - RAAI Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,262,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.625%, 10/01/33 - RAAI Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,088,990</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment Project,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,700</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.625%, 12/01/28 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,939,479</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.750%, 12/01/33 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,761,099</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,400</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central Business</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/13 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,556,384</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">and Residential District Project, Series 2003C, 5.000%, 8/01/28 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California, Economic Recovery Revenue Bonds, Series 2004A:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,400</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/15</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,753,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/16</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AA-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,162,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">9,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California State Public Works Board, Lease Revenue Bonds, Department of Corrections, State</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/06 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">9,111,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Substance Abuse Treatment Facility and Corcoran II State Prison, Series 1996A, 5.250%, 1/01/21 -</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">11/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,422,040</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">1999A, 5.750%, 11/01/24 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Chino Unified School District, California, Certificates of Participation, Master Lease Program,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/05 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,108,097</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1995, 6.000%, 9/01/20 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,800</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Commerce Community Development Commission, California, Subordinate Lien Tax Allocation Refunding</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/07 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,903,376</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Duarte Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended Davis Addition</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/07 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,134,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Project Area, Series 1997A, 6.700%, 9/01/14</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Asset-Backed Bonds, Series 2003B:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,800</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.500%, 6/01/33</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,126,002</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.625%, 6/01/38</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,271,980</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">260</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/15 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">280,875</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">9/01/20 (WI, settling 6/07/05) - XLCA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,750</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,900,892</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,665</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/05 at 103.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,786,128</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.650%, 9/02/13</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax Revenue</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 2004:</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,045</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 9/01/22 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,151,475</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,145</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 9/01/23 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,259,798</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,255</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.250%, 9/01/24 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,378,781</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">420</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">467,964</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Redevelopment Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">8,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/09 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">8,798,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities District 90-1, Series 1999, 5.800%, 8/01/29 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/12 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,532,617</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">7/01/36</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">480</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile Home</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/05 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">480,163</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Park Project, Series 1999B, 6.500%, 3/20/29</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,440</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/08 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,484,885</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,130</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention Center,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/11 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,405,910</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2004, 5.250%, 7/01/23 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">345</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/05 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">348,912</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1993, 5.000%, 8/01/20 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,750</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/11 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,925,615</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2001F, 5.000%, 9/01/20 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,700</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/07 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,788,128</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Facility Acquisition Project, Series 1997A, 5.950%, 1/01/11</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 - AMBAC</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/14 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,068,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,845</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">12/11 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,019,525</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 12/01/27 - AMBAC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,419,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">10/01/24</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,570</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/05 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,627,671</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Transportation - 4.4%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">1/14 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,671,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1999, 0.000%, 1/15/27</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,364,338</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/06 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,194,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Second Series Issue 10A, 5.625%, 5/01/21 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">U.S. Guaranteed *** - 14.9%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,115</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Educational Facilities Authority, Revenue Bonds, Pooled College and University Projects,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3***</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,661,028</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2000C, 6.750%, 6/01/30</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">7,260</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27 (Pre-refunded</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">8,206,631</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">to 3/01/10) - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/09 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R***</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,228,540</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Facilities District 98-2 - Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded to 9/01/09)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,065</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,022,086</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, Central</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/05 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB***</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,649,475</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,401</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Merced Irrigation District, California, Subordinated Revenue Certificates of Participation,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">3/08 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,928,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Electric System Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded to 3/01/08)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">8,565</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,195,443</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 1988A, 0.000%, 3/01/17</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">20,415</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">No Opt. Call</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">8,577,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Utilities - 6.0%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/12 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">A2</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">4,850,055</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5/01/18</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">2,875</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">California Statewide Community Development Authority, Certificates of Participation Refunding, Rio</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/05 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">2,933,506</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">542,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Merced Irrigation District, California, Revenue Refunding Bonds, Electric System Project, Series</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">9/05 at 102.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,382,599</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">2001, 6.850%, 9/01/36</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,470</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">6/10 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,774,319</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">(Alternative Minimum Tax)</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<B><FONT size=1 face="sans-serif">Water and Sewer - 3.8%</FONT></B>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">10/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">539,485</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Capital Projects, Series 2003A, 5.000%, 10/01/23 - FSA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">8/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">5,397,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">2/01/27 - FGIC Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">1,580</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">San Diego County Water Authority, California, Water Revenue Refunding Certificates of</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">5/12 at 101.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,668,147</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Participation, Series 2002A, 5.000%, 5/01/26 - MBIA Insured</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project,</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=center>
<FONT size=1 face="sans-serif">7/13 at 100.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=right>
<FONT size=1 face="sans-serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">3,710,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Series 2003, 5.625%, 7/01/43</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=right>
<FONT size=1 face="sans-serif">&#36; 256,641</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Total Long-Term Investments (cost &#36;236,686,675) - 99.3%</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">257,747,915</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Other Assets Less Liabilities - 0.7%</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">1,853,384</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=54% nowrap align=left>
<FONT size=1 face="sans-serif">Net Assets - 100%</FONT>&nbsp;
        </TD>
        <TD width=10%>
&nbsp;  </TD>
        <TD width=8% nowrap align=left>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=6% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;259,601,299</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=2% nowrap align=right>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">may be other call provisions at varying prices at later dates.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=right>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=right>
<FONT size=1 face="sans-serif">***</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">to be equivalent to AAA rated securities.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=right>
<FONT size=1 face="sans-serif">N/R</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Investment is not rated.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=right>
<FONT size=1 face="sans-serif">(WI)</FONT>&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Security purchased on a when-issued basis.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<B><FONT size=1 face="sans-serif">Income Tax Information</FONT></B>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">At May 31, 2005, the cost of investments was &#36;236,618,587.</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">follows:</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Gross unrealized:</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=left>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
 &nbsp;<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;21,163,363</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
 &nbsp;<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">(34,035)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap align=left>
&nbsp;
        </TD>
        <TD width=1%>
&nbsp;  </TD>
        <TD width=63% nowrap align=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments</FONT>&nbsp;
        </TD>
        <TD width=25%>
&nbsp;  </TD>
        <TD width=7% nowrap align=right>
<FONT size=1 face="sans-serif">&#36;21,129,328</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>





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

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

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen 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;07/29/05&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;07/29/05&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;07/29/05&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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>

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

<BODY>

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

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

<OL><LI>I have reviewed this report on Form N-Q of Nuveen 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;07/29/05&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;07/29/05&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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