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<SEC-DOCUMENT>0000891804-06-002456.txt : 20060728
<SEC-HEADER>0000891804-06-002456.hdr.sgml : 20060728
<ACCEPTANCE-DATETIME>20060728091630
ACCESSION NUMBER:		0000891804-06-002456
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060728
DATE AS OF CHANGE:		20060728
EFFECTIVENESS DATE:		20060728

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:		06986065

	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; 5/31/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>


<PAGE>


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

<A name=page_1></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B><FONT face=sans-serif size=1>Portfolio of Investments
      (Unaudited)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B><FONT face=sans-serif size=1>Nuveen California Municipal Value Fund, Inc.
      (NCA)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<I><FONT face=sans-serif size=1>May 31, 2006</FONT></I>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Principal</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>Optional Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Amount (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Description</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>Provisions (1)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Ratings (2)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Consumer Staples &#150; 1.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp; &nbsp;630</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed
      Bonds, Sonoma</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>&nbsp;$
      </FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>609,279</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>County Tobacco Securitization Corporation, Series
      2005, 4.250%, 6/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Tobacco Settlement
      Asset-Backed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,707,975</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2003A-1, 6.250%, 6/01/33</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Consumer
      Staples</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,317,254</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Education and Civic Organizations &#150;
      0.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>140</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Educational Facilities Authority, Revenue Bonds, University of Redlands,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>140,872</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2005A, 5.000%, 10/01/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Educational Facilities Authority, Revenue Bonds, University of the
      Pacific, Series 2006:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>95</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 11/01/21 (WI/DD, Settling
      6/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>98,204</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>125</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 11/01/25 (WI/DD, Settling
      6/01/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>128,349</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Certificates of Participation,
      San Diego</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/06 at 105.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,589,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Space and Science Foundation, Series 1996, 7.500%,
      12/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,860</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Education
      and Civic Organizations</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,957,065</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Health Care &#150; 7.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>825</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Arcadia,
      California, Hospital Revenue Bonds, Methodist Hospital of Southern
      California, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>826,403</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>1992, 6.500%, 11/15/12</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>940</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical
      Center,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>948,864</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 2005, 5.000%, 11/15/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Revenue Bonds, Daughters of
      Charity</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Health System,
      Series 2005A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 7/01/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>256,710</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>530</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 7/01/35</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>541,109</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>4,380</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Revenue Bonds, Kaiser
      Permanante System,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>3/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,399,798</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 2006, 5.000%, 3/01/41 (WI/DD, Settling
      6/08/06)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,710</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Revenue Bonds, Sherman Oaks
      Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,856,638</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>System, Series 1998A, 5.000%, 8/01/22 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Central
      California Joint Powers Health Finance Authority, Certificates of
      Participation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>2/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,189,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Community Hospitals of Central California Obligated
      Group, Series 2000, 6.000%, 2/01/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,440</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Stockton,
      California, Health Facility Revenue Bonds, Dameron Hospital Association,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,482,638</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>1997A, 5.300%, 12/01/08</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,730</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>West Contra
      Costa Healthcare District, California, Certificates of Participation,
      Series 2004,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,857,622</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.375%, 7/01/21 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>17,805</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Health
      Care</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>18,358,832</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Housing/Multifamily &#150; 5.2%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>ABAG Finance
      Authority for Non-Profit Corporations, California, Multifamily Housing
      Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,477,602</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Refunding Bonds, United Dominion/2000 Post
      Apartments, Series 2000B, 6.400%, 8/15/30</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>(Mandatory put 8/15/08) (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,565</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Multifamily Housing Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,664,779</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Harbor City Lights, Series 1999Y, 6.650%, 7/01/39
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Multifamily Housing Revenue
      Refunding</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,092,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Archstone Communities Trust, Archstone
      Pelican Point Apartments, Series 1999H, 5.300%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>6/01/29 (Mandatory put 6/01/08)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>475</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Riverside
      County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo
      Mobile</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>475,295</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Home Park Project, Series 1999B, 6.500%,
      3/20/29</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,440</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Dimas
      Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak
      Mobile</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,498,406</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Home Estates Acquisition Project, Series 1998A,
      5.700%, 7/01/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>12,830</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Housing/Multifamily</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>13,208,832</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Housing/Single Family &#150; 0.0%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California Rural
      Home Mortgage Finance Authority, GNMA Collateralized Single Family
      Mortgage</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>10,049</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Revenue Bonds, Series 1993A-2, 7.950%, 12/01/24
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>80</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California Rural
      Home Mortgage Finance Authority, Mortgage-Backed Securities Program
      Single</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>81,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Family Mortgage Revenue Bonds, Series 1997D, 6.700%,
      5/01/29 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>90</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Housing/Single Family</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>91,879</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Industrials &#150; 0.8%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste
      Management</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>998,950</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Inc., Series 2004, 4.100%, 9/01/14 (Mandatory put
      9/01/09) (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds,
      Waste</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1/16 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,007,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Management Inc., Series 2002A, 5.000%, 1/01/22
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Industrials</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,006,790</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Long-Term Care &#150; 4.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>ABAG Finance
      Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Elder Care
      Alliance of Union City, Series 2004:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.400%, 8/15/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,920,226</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.600%, 8/15/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,226,212</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,720</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>ABAG Finance
      Authority for Non-Profit Corporations, California, Certificates of
      Participation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,728,323</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>American Baptist Homes of the West, Series 1997A,
      5.750%, 10/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,830</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Certificates of Participation,
      Internext</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>4/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,866,394</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Group, Series 1999, 5.375%, 4/01/17</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Riverside County
      Public Financing Authority, California, Certificates of Participation,
      Air</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,547,985</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Force Village West, Series 1999, 5.750%,
      5/15/19</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>11,030</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Long-Term
      Care</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>11,289,140</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Tax
      Obligation/General &#150; 11.4%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California,
      General Obligation Bonds, Series 2004:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 2/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>518,490</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 2/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>2/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,382,052</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,850</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 4/01/34</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,971,068</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Fremont Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,038,970</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2002A, 5.000%, 8/01/21 &#150; FGIC Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      Unified School District, California, General Obligation Bonds, Series
      2003A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,329,664</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 7/01/22 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      Unified School District, California, General Obligation Bonds, Series
      2006F,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,570,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 7/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,845</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Oakland Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/08 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,909,169</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2001, 5.125%, 8/01/21 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Oakland Unified
      School District, Alameda County, California, General Obligation Bonds,
      Series 2005:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>360</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 8/01/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>374,335</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>380</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 8/01/26 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>394,265</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Puerto Rico,
      General Obligation and Public Improvement Bonds, Series 2001A, 5.500%,
      7/01/20 &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,243,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Diego
      Unified School District, California, General Obligation Bonds, Series
      2004F, 5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,159,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>7/01/29 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San
      Jose-Evergreen Community College District, Santa Clara County, California,
      General</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Obligation
      Bonds, Series 2005A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>285</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 9/01/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>297,309</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>415</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 9/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>431,007</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Ramon Valley
      Unified School District, Contra Costa County, California, General
      Obligation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,557,990</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2003, 5.000%, 8/01/23 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,460</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>West Contra
      Costa Unified School District, Contra Costa County, California, General
      Obligation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,526,912</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2003B, 5.000%, 8/01/20 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>27,495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Tax
      Obligation/General</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>28,704,671</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Tax
      Obligation/Limited &#150; 28.3%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Bell Community
      Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
      Area,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Series
      2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.500%, 10/01/23 &#150; RAAI Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,200,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.625%, 10/01/33 &#150; RAAI Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,064,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Burbank
      Redevelopment Agency, California, Tax Allocation Bonds, Golden State
      Redevelopment</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Project, Series
      2003:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.625%, 12/01/28 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,852,422</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,010</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.750%, 12/01/33 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,502,483</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Calexico
      Community Redevelopment Agency, California, Tax Allocation Bonds, Merged
      Central</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/13 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,477,352</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Business and Residential District Project, Series
      2003C, 5.000%, 8/01/28 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,790</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California,
      Economic Recovery Revenue Bonds, Series 2004A, 5.000%,
      7/01/15</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,908,068</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Commerce
      Community Development Commission, California, Subordinate Lien Tax
      Allocation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,904,888</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Refunding Bonds, Redevelopment Project 1, Series
      1997B, 6.000%, 8/01/21</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,855</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Duarte
      Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended
      Davis</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,932,632</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Addition Project Area, Series 1997A, 6.700%,
      9/01/14</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>260</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hesperia
      Community Redevelopment Agency, California, Tax Allocation Bonds, Series
      2005A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>271,833</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 9/01/20 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Irvine,
      California, Unified School District, Community Facilities District Special
      Tax Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Series
      2006A:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>160</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 9/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/06 at 103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>160,944</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>375</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.125%, 9/01/36</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/06 at 103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>375,116</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Kern County
      Board of Education, California, Certificates of Participation, Series
      2006A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,576,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 6/01/31 &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      County Schools, California, Certificates of Participation, Pooled
      Financing Program,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,822,930</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Regionalized Business Services Corporation, Series
      2003A, 5.000%, 9/01/28 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,665</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Milpitas,
      California, Local Improvement District 20 Limited Obligation Bonds, Series
      1998A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/06 at 103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,782,940</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.650%, 9/02/13</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Modesto Schools
      Infrastructure Financing Agency, Stanislaus County, California, Special
      Tax</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Revenue Bonds,
      Series 2004:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,045</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 9/01/22 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,113,646</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,145</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 9/01/23 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,219,391</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 9/01/24 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,334,743</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>420</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Oakland
      Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds,
      Central</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>3/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>457,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>District Redevelopment Project, Series 2003, 5.500%,
      9/01/18 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>8,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Palmdale
      Elementary School District, Los Angeles County, California, Special Tax
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>8,548,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Community Facilities District 90-1, Series 1999,
      5.800%, 8/01/29 &#150; FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>290</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Rialto
      Redevelopment Agency, California, Tax Allocation Bonds, Merged Project
      Area, Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>296,554</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2005A, 5.000%, 9/01/35 &#150; XLCA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>615</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Riverside County
      Public Financing Authority, California, Tax Allocation Bonds,
      Multiple</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>629,004</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Projects, Series 2005A, 5.000%, 10/01/35 &#150; XLCA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Riverside County
      Redevelopment Agency, California, Tax Allocation Housing Bonds, Series
      2004A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,096,250</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 10/01/37 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,130</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Francisco
      Redevelopment Agency, California, Lease Revenue Bonds, Moscone
      Convention</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/11 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,323,152</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Center, Series 2004, 5.250%, 7/01/23 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,750</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Jose
      Financing Authority, California, Lease Revenue Refunding Bonds, Convention
      Center</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,864,208</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Project, Series 2001F, 5.000%, 9/01/20 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,700</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Shafter Joint
      Powers Financing Authority, California, Lease Revenue Bonds,
      Community</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1/07 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,735,683</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Correctional Facility Acquisition Project, Series
      1997A, 5.950%, 1/01/11</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Simi Valley,
      California, Certificates of Participation, Series 2004, 5.000%, 9/01/24
      &#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,035,820</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,925</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Travis Unified
      School District, Solano County, California, Certificates of
      Participation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,992,799</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 2006, 5.000%, 9/01/26 &#150; FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,845</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Ventura County
      Superintendent of Schools, California, Certificates Participation, Series
      2003,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,929,282</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 12/01/27 &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Virgin Islands
      Public Finance Authority, Gross Receipts Taxes Loan Note, Series
      1999A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,286,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>6.500%, 10/01/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Virgin Islands
      Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003,
      5.000%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,331,057</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>10/01/33 &#150; RAAI Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,570</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Vista Joint
      Powers Financing Authority, California, Special Tax Lease Revenue
      Refunding Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/06 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,595,906</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Community Facilities District 90-2, Series 1997A,
      5.875%, 9/01/20</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>68,255</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Tax
      Obligation/Limited</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>71,624,078</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Transportation &#150; 3.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Bay Area Toll
      Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>4/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,585,225</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2006, 5.000%, 4/01/31</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Foothill/Eastern
      Transportation Corridor Agency, California, Toll Road Revenue
      Refunding</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1/14 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,804,415</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 1999, 0.000%, 1/15/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Fresno,
      California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,332,038</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>240</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Palm Springs
      Financing Authority, California, Palm Springs International Airport
      Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/14 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>240,372</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2006, 5.550%, 7/01/28 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>9,490</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Transportation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>8,962,050</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>U.S. Guaranteed &#150; 29.2% (3)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed
      Bonds, Sonoma</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Baa3 (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,595,144</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>County Tobacco Funding Corporation, Series 2002B,
      5.500%, 6/01/30 (Pre-refunded 6/01/12)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>4,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Department of Water Resources, Power Supply Revenue Bonds, Series 2002A,
      5.125%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,867,065</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5/01/18 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,115</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Educational Facilities Authority, Revenue Bonds, Pooled College and
      University</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Baa3 (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,485,997</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Projects, Series 2000C, 6.750%, 6/01/30
      (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>12,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical
      Center,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>12/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A3 (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>13,058,877</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 1999A, 6.125%, 12/01/30 (Pre-refunded
      12/01/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>4,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California State
      Public Works Board, Lease Revenue Bonds, Department of Health
      Services,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11/09 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,304,760</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 1999A, 5.750%, 11/01/24 (Pre-refunded
      11/01/09) &#150; MBIA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>290</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Revenue Bonds, Sherman Oaks
      Health</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>303,775</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>System, Series 1998A, 5.000%, 8/01/22 (Pre-refunded
      8/01/08) &#150; AMBAC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>6,260</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California,
      Various Purpose General Obligation Bonds, Series 2000, 5.750%,
      3/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>3/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>6,779,142</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>(Pre-refunded 3/01/10) &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Capistrano
      Unified School District, Orange County, California, Special Tax Bonds,
      Community</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,161,640</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Facilities District 98-2 &#150; Ladera, Series 1999,
      5.750%, 9/01/29 (Pre-refunded 9/01/09)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,065</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Contra Costa
      County, California, GNMA Mortgage-Backed Securities Program Home Mortgage
      Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,757,374</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 1988, 8.250%, 6/01/21 (Alternative
      Minimum Tax) (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Enhanced Tobacco
      Settlement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Asset-Backed
      Bonds, Series 2003B:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,800</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.500%, 6/01/33 (Pre-refunded 6/01/13)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,178,594</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.625%, 6/01/38 (Pre-refunded 6/01/13)</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,321,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,475</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Long Beach
      Community College District, California, General Obligation Bonds, Series
      2003A,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,582,837</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 5/01/28 (Pre-refunded 5/01/13) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      Community Redevelopment Agency, California, Tax Allocation Refunding
      Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB (3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,584,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Central Business District Redevelopment Project,
      Series 1987G, 6.750%, 7/01/10 (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>4,188</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Merced
      Irrigation District, California, Subordinated Revenue Certificates of
      Participation,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>3/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,504,445</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Electric System Project, Series 2000, 7.450%,
      3/01/18 (Pre-refunded 3/01/08)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>8,565</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Palmdale,
      California, GNMA Mortgage-Backed Securities Program Single Family Mortgage
      Revenue</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,229,275</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 1988A, 0.000%, 3/01/17
      (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,300</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Puerto Rico
      Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D,
      5.375%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,573,306</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>7/01/36 (Pre-refunded 7/01/12)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>20,415</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Bernardino
      County, California, GNMA Mortgage-Backed Securities Program Single Family
      Home</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>8,624,317</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Mortgage Revenue Bonds, Series 1988A, 0.000%,
      9/01/21 (Alternative Minimum Tax) (ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>83,873</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total U.S.
      Guaranteed</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>73,912,768</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Utilities &#150; 3.1%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>2,740</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Statewide Community Development Authority, Certificates of Participation
      Refunding,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/06 at 101.50</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,782,388</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Rio Bravo Fresno Project, Series 1999A, 6.300%,
      12/01/18</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      Department of Water and Power, California, Power System Revenue Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>519,425</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2003A-2, 5.000%, 7/01/21 &#150; MBIA Insured</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>605</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Merced
      Irrigation District, California, Electric System Revenue Bonds, Series
      2005, 5.125%,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>627,512</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>9/01/31 &#150; XLCA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,470</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Puerto Rico
      Industrial, Tourist, Educational, Medical and Environmental Control
      Facilities</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,787,921</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Financing Authority, Co-Generation Facility Revenue
      Bonds, Series 2000A, 6.625%, 6/01/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>(Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>7,315</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Utilities</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>7,717,246</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Water and Sewer &#150; 5.5%</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>California
      Department of Water Resources, Water System Revenue Bonds, Central Valley
      Project,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,570,260</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Series 2005AD, 5.000%, 12/01/22 &#150; FSA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>410</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Healdsburg
      Public Financing Authority, California, Wastewater Revenue Bonds, Series
      2006,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>4/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>422,665</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.000%, 4/01/36 (WI/DD, Settling 6/06/06) &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      County Sanitation Districts Financing Authority, California, Senior
      Revenue Bonds,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>519,460</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Capital Projects, Series 2003A, 5.000%, 10/01/23 &#150;
      FSA Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>820</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles
      Department of Water and Power, California, Waterworks Revenue Bonds,
      Series</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/16 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>853,923</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>2006A-2, 5.000%, 7/01/27 &#150; AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Orange County
      Sanitation District, California, Certificates of Participation, Series
      2003,</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,263,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>5.250%, 2/01/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>1,580</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>San Diego County
      Water Authority, California, Water Revenue Refunding Certificates
      of</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,629,770</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Participation, Series 2002A, 5.000%, 5/01/26 &#150; MBIA
      Insured</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>3,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Woodbridge
      Irrigation District, California, Certificates of Participation, Water
      Systems</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,600,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%">&nbsp;<FONT face=sans-serif size=1>Project, Series 2003, 5.625%, 7/01/43</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>13,310</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total Water and
      Sewer</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>13,859,448</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="6%"><FONT face=sans-serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      258,483</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Total
      Investments (cost $240,636,014) &#150; 100.9%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>255,010,053</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%">
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Other Assets
      Less Liabilities &#150; (0.9)%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(2,307,444)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Net Assets &#150;
      100%</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>&nbsp;$
      </FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>252,702,609</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="91%" colSpan=7>
      <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=1 cellPadding=0 width=648 border=0>

  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(1)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Optional Call
      Provisions: Dates (month and year) and prices of the earliest optional
      call or redemption.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>There may be
      other call provisions at varying prices at later dates. Certain
      mortgage-backed securities</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>may be subject
      to periodic principal paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(2)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Ratings: Using
      the higher of Standard &amp; Poor&#146;s or Moody&#146;s rating. Ratings below BBB
      by&nbsp;Standard &amp; Poor&#146;s</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Group or Baa by
      Moody&#146;s Investor Service, Inc. are considered to be below investment
      grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(3)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Backed by an
      escrow or trust containing sufficient U.S. Government or U.S. Government
      agency</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>securities which
      ensure the timely payment of principal and interest. Such investments are
      normally</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>considered to be
      equivalent to AAA rated securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Not
      rated.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>WI/DD</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Purchased on a
      when-issued or delayed delivery basis.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(ETM)</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Escrowed to
      maturity.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Income Tax
Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>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 the treatment of
paydown gains and losses, 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 May 31, 2006, the cost of
investments was $240,586,053.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Gross unrealized appreciation and
gross unrealized depreciation of investments at May 31, 2006, were as
follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>

  <TR>
    <TD align=left width="99%" background="" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Gross unrealized:</FONT>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp;&nbsp;<FONT face=sans-serif size=1>Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>$14,586,483</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp;
      <FONT face=sans-serif size=1>Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>(162,483)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Net unrealized
      appreciation (depreciation) of investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>$14,424,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="99%" background="" colSpan=3>
      <HR noShade SIZE=2>
    </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>


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<H3><BR>SIGNATURES<BR></H3>
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<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&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2006&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&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2006&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&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2006&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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<DESCRIPTION>CERTIFICATIONS
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<TITLE>Certifications</TITLE>
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<H3><U>CERTIFICATIONS</U> </H3>
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<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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2006&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>
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<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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2006&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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