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<SEC-DOCUMENT>0000891804-06-000299.txt : 20060127
<SEC-HEADER>0000891804-06-000299.hdr.sgml : 20060127
<ACCEPTANCE-DATETIME>20060127103220
ACCESSION NUMBER:		0000891804-06-000299
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060127
DATE AS OF CHANGE:		20060127
EFFECTIVENESS DATE:		20060127

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:		06555592

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/05 &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>
<P align=left>
<TABLE>

  <TR>
    <TD width=95>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B><BR><B><FONT
      face=sans-serif size=1>Nuveen
      California Municipal Value Fund, Inc. (NCA)</FONT></B><BR><I><FONT
      face=sans-serif size=1>November 30,
      2005</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%">&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="16%"><B><FONT
      face=sans-serif size=1
     >Optional Call</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Market</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=middle width="16%"
   >&nbsp;<B><FONT face=sans-serif size=1
     >Provisions*</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Ratings**</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Consumer Staples - 1.3%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>630</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California County Tobacco Securitization Agency, Tobacco
      Settlement Asset-Backed Bonds, Sonoma</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >606,766</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >County Tobacco Securitization Corporation, Series 2005,
      4.250%, 6/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,715,475</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2003A-1, 6.250%, 6/01/33</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Education and Civic Organizations -
      0.6%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority,
      Certificates of Participation, San Diego</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/06 at
      105.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,559,790</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Space and Science Foundation, Series 1996, 7.500%,
      12/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Healthcare - 5.9%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>825</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Arcadia, California, Hospital Revenue Bonds, Methodist
      Hospital of Southern California, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/06 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >826,502</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >1992, 6.500%, 11/15/12</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>625</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Health Facilities Financing Authority, Revenue
      Bonds, Cedars-Sinai Medical Center,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>11/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >631,488</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2005, 5.000%, 11/15/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority, Revenue
      Bonds, Daughters of Charity Health</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >System, Series 2005A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>250</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.250%, 7/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >257,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>530</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.250%, 7/01/35</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >537,992</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority, Revenue
      Bonds, Sherman Oaks Health System,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,237,360</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 1998A, 5.000%, 8/01/22 - AMBAC Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Central California Joint Powers Health Finance Authority,
      Certificates of Participation, Community</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>2/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,212,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Hospitals of Central California Obligated Group, Series 2000,
      6.000%, 2/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,440</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Stockton, California, Health Facility Revenue Bonds, Dameron
      Hospital Association, Series 1997A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500,422</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.300%, 12/01/08</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,730</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >West Contra Costa Healthcare District, California,
      Certificates of Participation, Series 2004,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,868,071</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.375%, 7/01/21 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Housing/Multifamily - 5.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,350</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >ABAG Finance Authority for Non-Profit Corporations,
      California, Multifamily Housing Revenue</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,536,394</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Refunding Bonds, United Dominion/2000 Post Apartments, Series
      2000B, 6.400%, 8/15/30 (Alternative</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Minimum Tax) (Mandatory put 8/15/08)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,580</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority,
      Multifamily Housing Revenue Bonds, Harbor</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,688,824</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority,
      Multifamily Housing Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,161,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Archstone Communities Trust, Archstone Pelican Point
      Apartments, Series 1999H, 5.300%, 6/01/29</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >(Mandatory put 6/01/08)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>480</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Riverside County, California, Subordinate Lien Mobile Home
      Park Revenue Bonds, Bravo Mobile Home</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>4/06 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >480,298</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Park Project, Series 1999B, 6.500%, 3/20/29</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,440</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Dimas Housing Authority, California, Mobile Home Park
      Revenue Bonds, Charter Oak Mobile Home</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/08 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,505,146</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Estates Acquisition Project, Series 1998A, 5.700%,
      7/01/28</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Housing/Single Family - 0.1%</FONT></B>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>15</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Rural Home Mortgage Finance Authority, GNMA
      Collateralized Single Family Mortgage</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,079</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Revenue Bonds,
      Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>145</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>California Rural
      Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single
      Family</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >146,025</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Mortgage Revenue
      Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Industrials - 0.4%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>California
      Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste
      Management Inc.,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >998,810</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Series 2004,
      4.100%, 9/01/14 (Alternative Minimum Tax) (Mandatory put 9/01/09)</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Long-Term Care - 4.5%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>ABAG Finance
      Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue
      Bonds, Elder</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Care Alliance of
      Union City, Series 2004:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,850</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.400%,
      8/15/24</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,931,715</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,130</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.600%,
      8/15/34</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,232,794</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,720</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>ABAG Finance
      Authority for Non-Profit Corporations, California, Certificates of
      Participation,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BB+</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,740,482</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>American Baptist
      Homes of the West, Series 1997A, 5.750%, 10/01/17</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>California
      Statewide Community Development Authority, Certificates of Participation,
      Internext</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>4/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,059,370</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Group, Series
      1999, 5.375%, 4/01/17</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Riverside County
      Public Financing Authority, California, Certificates of Participation, Air
      Force</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,556,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Village West,
      Series 1999, 5.750%, 5/15/19</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/General - 11.4%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>California,
      General Obligation Bonds, Series 2004:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%,
      2/01/20</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >522,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,200</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%,
      2/01/21</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,424,536</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,850</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.250%,
      4/01/34</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,973,889</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,085</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Foothill-De Anza
      Community College District, Santa Clara County, California, General
      Obligation</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,232,101</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Bonds, Series
      2005C, 5.000%, 8/01/36 - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Fremont Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,055,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>2002A, 5.000%,
      8/01/21 - FGIC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,110</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Los Angeles
      Community College District, Los Angeles County, California, General
      Obligation Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,162,370</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Series 2005A,
      5.000%, 6/01/26 - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,200</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Los Angeles
      Unified School District, California, General Obligation Bonds, Series
      2003A, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,374,304</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>7/01/22 - FSA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,845</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Oakland Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series 2001,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,930,756</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.125%, 8/01/21
      - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Oakland Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series 2005:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>360</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%, 8/01/25
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >376,121</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>380</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%, 8/01/26
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >396,712</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Puerto Rico,
      General Obligation and Public Improvement Bonds, Series 2001A, 5.500%,
      7/01/20 - MBIA</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,284,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Insured</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>San
      Jose-Evergreen Community College District, Santa Clara County, California,
      General Obligation</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Bonds, Series
      2005A:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>285</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%, 9/01/25
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >298,768</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>415</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>5.000%, 9/01/27
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >433,708</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>San Ramon Valley
      Unified School District, Contra Costa County, California, General
      Obligation</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,577,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Bonds, Series
      2003, 5.000%, 8/01/23 - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,570</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Southwestern
      Community College District, San Diego County, California, General
      Obligation Bonds,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/15 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,673,683</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Series 2005,
      5.000%, 8/01/23 - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,460</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>West Contra
      Costa Unified School District, Contra Costa County, California, General
      Obligation</FONT> </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,537,833</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Bonds, Series
      2003B, 5.000%, 8/01/20 - FSA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><B><FONT
      face=sans-serif size=1>Tax
      Obligation/Limited - 26.2%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>Bell Community
      Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,
      Series</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"><FONT
      face=sans-serif size=1>2003:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.500%, 10/01/23 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,181,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.625%, 10/01/33 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,058,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Burbank Redevelopment Agency, California, Tax Allocation
      Bonds, Golden State Redevelopment Project,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2003:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,700</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.625%, 12/01/28 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,881,339</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,010</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.750%, 12/01/33 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,587,202</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Calexico Community Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Central Business</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/13 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,480,736</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >and Residential District Project, Series 2003C, 5.000%,
      8/01/28 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California, Economic Recovery Revenue Bonds, Series 2004A,
      5.000%, 7/01/15</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,658,978</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue Bonds,
      Department of Corrections, State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>1/06 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,723,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Substance Abuse Treatment Facility and Corcoran II State
      Prison, Series 1996A, 5.250%, 1/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >(Pre-refunded to 1/01/06) - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,800</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Commerce Community Development Commission, California,
      Subordinate Lien Tax Allocation Refunding</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,925,776</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Bonds, Redevelopment Project 1, Series 1997B, 6.000%,
      8/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,855</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Duarte Redevelopment Agency, California, Tax Allocation
      Refunding Bonds, Amended Davis Addition</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/07 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,950,273</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Project Area, Series 1997A, 6.700%, 9/01/14</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>260</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Hesperia Community Redevelopment Agency, California, Tax
      Allocation Bonds, Series 2005A, 5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >273,827</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >9/01/20 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Los Angeles County Schools, California, Certificates of
      Participation, Pooled Financing Program,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,827,193</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Regionalized Business Services Corporation, Series 2003A,
      5.000%, 9/01/28 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,665</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Milpitas, California, Local Improvement District 20 Limited
      Obligation Bonds, Series 1998A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>3/06 at
      103.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,783,526</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.650%, 9/02/13</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Modesto Schools Infrastructure Financing Agency, Stanislaus
      County, California, Special Tax Revenue</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Bonds, Series 2004:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,045</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.250%, 9/01/22 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,117,889</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,145</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.250%, 9/01/23 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,221,417</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,255</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.250%, 9/01/24 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,336,876</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>420</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Oakland Redevelopment Agency, California, Subordinate Lien
      Tax Allocation Bonds, Central District</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>3/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >457,502</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Redevelopment Project, Series 2003, 5.500%, 9/01/18 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Palmdale Elementary School District, Los Angeles County,
      California, Special Tax Bonds, Community</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,672,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Facilities District 90-1, Series 1999, 5.800%, 8/01/29 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>290</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Rialto Redevelopment Agency, California, Tax Allocation
      Bonds, Merged Project Area, Series 2005A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >295,246</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.000%, 9/01/35 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>615</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Riverside County Public Financing Authority, California, Tax
      Allocation Bonds, Multiple Projects,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >627,171</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2005A, 5.000%, 10/01/35 - XLCA Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,130</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Francisco Redevelopment Agency, California, Lease Revenue
      Bonds, Moscone Convention Center,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/11 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,347,316</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2004, 5.250%, 7/01/23 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Jose Financing Authority, California, Lease Revenue
      Refunding Bonds, Convention Center Project,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/11 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,884,585</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2001F, 5.000%, 9/01/20 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,700</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Shafter Joint Powers Financing Authority, California, Lease
      Revenue Bonds, Community Correctional</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>1/07 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,758,565</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Facility Acquisition Project, Series 1997A, 5.950%,
      1/01/11</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Simi Valley, California, Certificates of Participation,
      Series 2004, 5.000%, 9/01/24 - AMBAC</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,037,610</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,845</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Ventura County Superintendent of Schools, California,
      Certificates Participation, Series 2003,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/11 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,933,973</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.000%, 12/01/27 - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Virgin Islands Public Finance Authority, Gross Receipts Taxes
      Loan Note, Series 1999A, 6.500%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,329,730</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >10/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Virgin Islands Public Finance Authority, Gross Receipts Taxes
      Loan Note, Series 2003, 5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,334,476</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >10/01/33 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,570</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Vista Joint Powers Financing Authority, California, Special
      Tax Lease Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>3/06 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,603,410</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Community Facilities District 90-2, Series 1997A, 5.875%,
      9/01/20</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD vAlign=top noWrap align=left width="97%" background="" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Transportation - 4.4%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation Corridor Agency, California,
      Toll Road Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>1/14 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,692,985</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 1999, 0.000%, 1/15/27</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Fresno, California, Airport Revenue Bonds, Series 2000A,
      5.500%, 7/01/30 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,340,188</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Francisco Airports Commission, California, Revenue Bonds,
      San Francisco International Airport,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/06 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,138,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Second Series Issue 10A, 5.625%, 5/01/21 (Alternative Minimum
      Tax) - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >U.S. Guaranteed*** - 29.6%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California County Tobacco Securitization Agency, Tobacco
      Settlement Asset-Backed Bonds, Sonoma</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa3***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,619,552</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >County Tobacco Funding Corporation, Series 2002B, 5.500%,
      6/01/30 (Pre-refunded to 6/01/12)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,115</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue Bonds,
      Pooled College and University Projects,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa3***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,547,518</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2000C, 6.750%, 6/01/30</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >12,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Health Facilities Financing Authority, Revenue
      Bonds, Cedars-Sinai Medical Center,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >A3***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >13,321,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 1999A, 6.125%, 12/01/30 (Pre-refunded to
      12/01/09)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,260</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California, Various Purpose General Obligation Bonds, Series
      2000, 5.750%, 3/01/27 (Pre-refunded</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>3/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,906,971</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >to 3/01/10) - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Department of Water Resources, Power Supply
      Revenue Bonds, Series 2002A, 5.125%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >A2***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,898,340</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5/01/18 (Pre-refunded to 5/01/12)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue Bonds,
      Department of Health Services, Series</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>11/09 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,379,440</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >1999A, 5.750%, 11/01/24 (Pre-refunded to 11/01/09) - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Capistrano Unified School District, Orange County,
      California, Special Tax Bonds, Community</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/09 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >N/R***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,197,320</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Facilities District 98-2 - Ladera, Series 1999, 5.750%,
      9/01/29 (Pre-refunded to 9/01/09)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,065</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Contra Costa County, California, GNMA Mortgage-Backed
      Securities Program Home Mortgage Revenue</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,901,655</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization Corporation, California,
      Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Asset-Backed Bonds, Series 2003B:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,800</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.500%, 6/01/33 (Pre-refunded to 6/01/13)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,209,906</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.625%, 6/01/38 (Pre-refunded to 6/01/13)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>Aaa</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,347,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,475</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Long Beach Community College District, California, General
      Obligation Bonds, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,690,721</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5/01/28 (Pre-refunded to 5/01/13) - MBIA Insured</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Los Angeles Community Redevelopment Agency, California, Tax
      Allocation Refunding Bonds, Central</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>1/06 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB***</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,634,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Business District Redevelopment Project, Series 1987G,
      6.750%, 7/01/10</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,401</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Merced Irrigation District, California, Subordinated Revenue
      Certificates of Participation,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>3/08 at
      102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,795,594</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Electric System Project, Series 2000, 7.450%, 3/01/18
      (Pre-refunded to 3/01/08)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,565</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Palmdale, California, GNMA Mortgage-Backed Securities Program
      Single Family Mortgage Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,189,277</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 1988A, 0.000%, 3/01/17</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Puerto Rico Highway and Transportation Authority, Highway
      Revenue Bonds, Series 2002D, 5.375%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,623,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >7/01/36 (Pre-refunded to 7/01/12)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,415</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Bernardino County, California, GNMA Mortgage-Backed
      Securities Program Single Family Home</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,400,773</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Utilities - 3.0%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,740</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development Authority,
      Certificates of Participation Refunding, Rio</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>12/05 at
      101.50</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,782,059</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Bravo Fresno Project, Series 1999A, 6.300%,
      12/01/18</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Los Angeles Department of Water and Power, California, Power
      System Revenue Bonds, Series 2003A-2,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >527,865</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>605</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Merced Irrigation District, California, Electric System
      Revenue Bonds, Series 2005, 5.125%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >626,084</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >9/01/31 - XLCA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,470</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Puerto Rico Industrial, Tourist, Educational, Medical and
      Environmental Control Facilities</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/10 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,732,783</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Financing Authority, Co-Generation Facility Revenue Bonds,
      Series 2000A, 6.625%, 6/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><B><FONT face=sans-serif size=1
     >Water and Sewer - 4.9%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >California Department of Water Resources, Water System
      Revenue Bonds, Central Valley Project,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,586,591</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2005AD, 5.000%, 12/01/22 - FSA Insured</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Los Angeles County Sanitation Districts Financing Authority,
      California, Senior Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >526,070</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Capital Projects, Series 2003A, 5.000%, 10/01/23 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Orange County Sanitation District, California, Certificates
      of Participation, Series 2003, 5.250%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,252,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >2/01/27 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,580</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >San Diego County Water Authority, California, Water Revenue
      Refunding Certificates of</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,626,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Participation, Series 2002A, 5.000%, 5/01/26 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Woodbridge Irrigation District, California, Certificates of
      Participation, Water Systems Project,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="16%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,620,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Series 2003, 5.625%, 7/01/43</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >251,846</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Total Long-Term Investments (cost $233,085,640) -
      97.5%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >249,669,852</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="8%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD width="91%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities - 2.5%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="4%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >6,278,301</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="8%" colSpan=2></TD>
    <TD width="91%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="59%"
     ><FONT face=sans-serif size=1
     >Net Assets - 100%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="16%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >255,948,153</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="8%" colSpan=2></TD>
    <TD width="59%" background="">
      <HR noShade SIZE=2>
    </TD>
    <TD width="22%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD width="10%" colSpan=2>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_6></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>*</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption. There</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >may be other call provisions at varying prices at
      later dates. Certain mortgage-backed securities may be</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >subject to periodic principal paydowns.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>**</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor's
      or Moody's rating.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>***</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust
      containing sufficient U.S. Government or U.S. Government
      agency</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >securities which ensures the timely payment of
      principal and interest. Such securities are normally
      considered</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >to be equivalent to AAA rated
      securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="4%"><FONT
      face=sans-serif size=1>N/R</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="95%"
     ><FONT face=sans-serif size=1
     >Investment is not rated.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
BASEFACE="sans-serif">Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">The following information is presented on an income tax
basis. Differences between amounts for financial statement and federal income
tax purposes are primarily due to timing differences in recognizing taxable
market discount and timing differences in recognizing certain gains and losses
on investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
November 30, 2005, the cost of investments was $233,012,161.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Gross unrealized appreciation and gross unrealized
depreciation of investments at November 30, 2005, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="10%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp; &nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >16,899,726</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     >&nbsp; &nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>(242,035</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1
     >16,657,691</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and Procedures.</B></FONT></P>

<OL type=a>
<LI>The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
<LI>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</LI></OL>

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3. Exhibits.</B></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>By (Signature and Title)* <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
</HEAD>

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

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

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R. Zimmerman<BR>Chief Administrative Officer<BR>(principal executive officer)<BR><BR></H4>
</CENTER>
<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>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
<LI>The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
<OL type=a>
<LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
<LI>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
<LI>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</LI></OL>
<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
<OL type=a>
<LI>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
<LI>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</LI></OL></LI></OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>

<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
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