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<SEC-DOCUMENT>0000891804-09-000411.txt : 20090129
<SEC-HEADER>0000891804-09-000411.hdr.sgml : 20090129
<ACCEPTANCE-DATETIME>20090129102234
ACCESSION NUMBER:		0000891804-09-000411
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081130
FILED AS OF DATE:		20090129
DATE AS OF CHANGE:		20090129
EFFECTIVENESS DATE:		20090129

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:		09553199

	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>Nuveen Investments<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>
        Kevin J. McCarthy 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;&nbsp;02/28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

        <p><font face="Times New Roman, Times, Serif" size="2">Date of reporting period:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/08&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 (&sect;&sect; 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 ("OMB") 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. &sect; 3507.</font></p>

        <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="54%"><b><font face="sans-serif" size="2">Portfolio of Investments (Unaudited)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Nuveen California Municipal Value Fund, Inc. (NCA)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><i><font face="sans-serif" size="2">November 30, 2008</font></i>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><b><font face="sans-serif" size="2">Principal</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><b><font face="sans-serif" size="2">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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><b><font face="sans-serif" size="2">Amount (000)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Description (1)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><b><font face="sans-serif" size="2">Provisions (2)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><b><font face="sans-serif" size="2">Ratings (3)</font></b>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="center" width="8%"><b><font face="sans-serif" size="2">Value</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Consumer Staples &ndash; 2.6% (2.6% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%"><font face="sans-serif" size="2">&nbsp;$</font> &nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">480,924</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="54%">&nbsp;<font face="sans-serif" size="2">County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,260,960</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="54%">&nbsp;<font face="sans-serif" size="2">Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">10,110</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/22 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">4,011,446</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="54%">&nbsp;<font face="sans-serif" size="2">Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">12,650</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Consumer Staples</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">5,753,330</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Education and Civic Organizations &ndash; 0.8% (0.8% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">140</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">113,558</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="54%">&nbsp;<font face="sans-serif" size="2">2005A, 5.000%, 10/01/35</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">95</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 11/01/21</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">11/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">90,029</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">125</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 11/01/25</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">11/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">112,435</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Certificates of Participation, San Diego</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/08 at 103.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,335,735</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="54%">&nbsp;<font face="sans-serif" size="2">Space and Science Foundation, Series 1996, 7.500%, 12/01/26</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,860</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Education and Civic Organizations</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">1,651,757</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Health Care &ndash; 7.8% (7.7% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">515</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">5/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">515,026</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="54%">&nbsp;<font face="sans-serif" size="2">1992, 6.500%, 11/15/12</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">310</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">240,405</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2006, 5.000%, 4/01/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,040</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2008,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">11/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,098,627</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="54%">&nbsp;<font face="sans-serif" size="2">Trust 3146, 11.686%, 11/15/46 (IF)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">560</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">408,050</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="54%">&nbsp;<font face="sans-serif" size="2">West, Series 2005A, 5.000%, 3/01/35</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,766,180</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="54%">&nbsp;<font face="sans-serif" size="2">Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 &ndash; AGC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">4,380</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,315,441</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2006, 5.000%, 3/01/41</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,460</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,225,962</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2001C, 5.250%, 8/01/31</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,710</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,634,499</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="54%">&nbsp;<font face="sans-serif" size="2">System, Series 1998A, 5.000%, 8/01/22 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,525</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,515,759</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="54%">&nbsp;<font face="sans-serif" size="2">2008A, 8.250%, 12/01/38</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,285</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">947,469</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="54%">&nbsp;<font face="sans-serif" size="2">Center, Series 2007A, 5.000%, 7/01/38</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">754,780</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,730</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,539,665</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="54%">&nbsp;<font face="sans-serif" size="2">5.375%, 7/01/21 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">20,515</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Health Care</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">16,961,863</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Housing/Multifamily &ndash; 1.6% (1.5% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,490</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/09 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,965,482</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="54%">&nbsp;<font face="sans-serif" size="2">Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">455</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">343,379</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="54%">&nbsp;<font face="sans-serif" size="2">Home Park Project, Series 1999B, 6.500%, 3/20/29</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,440</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/09 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,085,544</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="54%">&nbsp;<font face="sans-serif" size="2">Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">4,385</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Housing/Multifamily</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">3,394,405</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Housing/Single Family &ndash; 2.3% (2.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">365</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">2/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Aa2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">341,855</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="54%">&nbsp;<font face="sans-serif" size="2">8/01/30 &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">4,390</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2007M, 4.700%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">2/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Aa2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,044,904</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="54%">&nbsp;<font face="sans-serif" size="2">8/01/36 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,125</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Aa2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,588,459</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 12/01/42 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">6,880</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Housing/Single Family</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">4,975,218</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Industrials &ndash; 0.3% (0.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/16 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">726,940</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="54%">&nbsp;<font face="sans-serif" size="2">Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Long-Term Care &ndash; 5.8% (5.8% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Elder Care Alliance of Union City, Series 2004:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,850</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.400%, 8/15/24</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,665,278</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.600%, 8/15/34</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,818,253</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,505</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/09 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,326,594</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="54%">&nbsp;<font face="sans-serif" size="2">American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">4,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/18 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,368,360</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="54%">&nbsp;<font face="sans-serif" size="2">The Institute on Aging, Series 2008A, 5.650%, 8/15/38</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,440</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Certificates of Participation, Internext</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/09 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,246,679</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="54%">&nbsp;<font face="sans-serif" size="2">Group, Series 1999, 5.375%, 4/01/17</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Riverside County Public Financing Authority, California, Certificates of Participation, Air</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">5/09 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,356,795</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="54%">&nbsp;<font face="sans-serif" size="2">Force Village West, Series 1999, 5.750%, 5/15/19</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">14,425</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Long-Term Care</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">12,781,959</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Tax Obligation/General &ndash; 3.4% (3.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California, General Obligation Bonds, Series 2004, 5.000%, 2/01/20</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">2/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">489,745</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chabot-Las Community College District, California, General Obligation Bonds, Series 2006,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,851,640</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 8/01/31 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,460,340</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 7/01/24 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 &ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,840,300</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="54%">&nbsp;<font face="sans-serif" size="2">MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">270</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Roseville Joint Union High School District, Placer County, California, General Obligation</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">256,157</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2006B, 5.000%, 8/01/27 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Ramon Valley Unified School District, Contra Costa County, California, General Obligation</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,472,370</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2003, 5.000%, 8/01/23 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">7,770</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Tax Obligation/General</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">7,370,552</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Tax Obligation/Limited &ndash; 30.8% (30.7% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">787,920</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="54%">&nbsp;<font face="sans-serif" size="2">Project Area, Series 2007, 5.375%, 6/01/27</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Series 2003:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%, 10/01/23 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,723,430</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.625%, 10/01/33 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">845,730</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/13 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,004,432</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="54%">&nbsp;<font face="sans-serif" size="2">Business and Residential District Project, Series 2003C, 5.000%, 8/01/28 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">340</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">273,030</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="54%">&nbsp;<font face="sans-serif" size="2">Facilities District, Series 2005, 5.000%, 9/01/24 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,005</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/16 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">724,334</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2006, 5.000%, 9/01/38 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Revenue Bonds, Series 2005A:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">20,110</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 6/01/35 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">15,549,452</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,345</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 6/01/38 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,772,304</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="54%"><font face="sans-serif" size="2">Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Series 2006A:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">160</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 9/01/26</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">113,166</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">375</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%, 9/01/36</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">239,850</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Kern County Board of Education, California, Certificates of Participation, Series 2006A,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,061,050</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 6/01/31 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">615</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">484,620</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="54%">&nbsp;<font face="sans-serif" size="2">Social Services Project, Series 2005, 5.000%, 9/01/37 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles County Schools, California, Certificates of Participation, Pooled Financing</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,560,278</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="54%">&nbsp;<font face="sans-serif" size="2">Program, Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 &ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,665</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/09 at 103.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,514,625</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="54%">&nbsp;<font face="sans-serif" size="2">5.650%, 9/02/13</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Revenue Bonds, Series 2004:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,045</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%, 9/01/22 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">886,244</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,145</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%, 9/01/23 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">958,136</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,255</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.250%, 9/01/24 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,035,212</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">420</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">418,643</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="54%">&nbsp;<font face="sans-serif" size="2">District Redevelopment Project, Series 2003, 5.500%, 9/01/18 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">8,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/09 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">8,013,120</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="54%">&nbsp;<font face="sans-serif" size="2">Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">290</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">223,549</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="54%">&nbsp;<font face="sans-serif" size="2">2005A, 5.000%, 9/01/35 &ndash; SYNCORA GTY Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,644,400</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 10/01/37 &ndash; SYNCORA GTY Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">360</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">312,592</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="54%">&nbsp;<font face="sans-serif" size="2">8/01/25 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/11 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,104,678</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="54%">&nbsp;<font face="sans-serif" size="2">Center, Series 2004, 5.250%, 7/01/23 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,759,625</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="54%">&nbsp;<font face="sans-serif" size="2">Project, Series 2001F, 5.000%, 9/01/20 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">625</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Mateo Union High School District, San Mateo County, California, Certificates of</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">492,925</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="54%">&nbsp;<font face="sans-serif" size="2">Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,644,920</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2007A, 5.750%, 2/01/41 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,080</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,083,359</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="54%">&nbsp;<font face="sans-serif" size="2">Correctional Facility Acquisition Project, Series 1997A, 5.950%, 1/01/11</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 &ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">879,850</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="54%">&nbsp;<font face="sans-serif" size="2">AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,193,775</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="54%">&nbsp;<font face="sans-serif" size="2">12/01/37 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,925</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Travis Unified School District, Solano County, California, Certificates of Participation,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,541,040</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2006, 5.000%, 9/01/26 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,845</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/11 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,572,966</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 12/01/27 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,185</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">988,468</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="54%">&nbsp;<font face="sans-serif" size="2">Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">78,820</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Tax Obligation/Limited</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">67,407,723</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Transportation &ndash; 4.2% (4.2% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,315,975</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="54%">&nbsp;<font face="sans-serif" size="2">2006, 5.000%, 4/01/31 (UB)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">5,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/14 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">4,628,525</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 1999, 0.000%, 1/15/27</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,216,075</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">220</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Palm Springs Financing Authority, California, Palm Springs International Airport Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/14 at 102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">162,738</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,245</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">5/09 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">920,391</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="54%">&nbsp;<font face="sans-serif" size="2">Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 &ndash; FGIC Insured (Alternative</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">10,715</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Transportation</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">9,243,704</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">U.S. Guaranteed &ndash; 26.9% (26.7% of Total Investments) (4)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Project, Series 2003:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,700</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.625%, 12/01/28 (Pre-refunded 12/01/13) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,934,464</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">5,010</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.750%, 12/01/33 (Pre-refunded 12/01/13) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">5,730,137</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,585,856</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="54%">&nbsp;<font face="sans-serif" size="2">County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30 (Pre-refunded 6/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">5/12 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,662,274</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="54%">&nbsp;<font face="sans-serif" size="2">5/01/18 (Pre-refunded 5/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,115</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Educational Facilities Authority, Revenue Bonds, Pooled College and University</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa3 (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,266,171</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="54%">&nbsp;<font face="sans-serif" size="2">Projects, Series 2000C, 6.750%, 6/01/30 (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,845</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/14 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,228,506</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,260</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">3/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,454,785</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="54%">&nbsp;<font face="sans-serif" size="2">(Pre-refunded 3/01/10) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,065</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,645,740</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="54%">&nbsp;<font face="sans-serif" size="2">Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,335</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,510,989</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,330</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/09 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,337,435</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="54%">&nbsp;<font face="sans-serif" size="2">Central Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Orange County Sanitation District, California, Certificates of Participation, Series 2003,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">5,651,250</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="54%">&nbsp;<font face="sans-serif" size="2">5.250%, 2/01/27 (Pre-refunded 8/01/13) &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">8,565</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">6,015,371</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="54%">&nbsp;<font face="sans-serif" size="2">Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/12 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,593,667</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="54%">&nbsp;<font face="sans-serif" size="2">7/01/36 (Pre-refunded 7/01/12)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">20,415</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">9,914,545</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="54%">&nbsp;<font face="sans-serif" size="2">Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+ (4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,284,670</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="54%">&nbsp;<font face="sans-serif" size="2">10/01/24 (Pre-refunded 10/01/10)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">67,640</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total U.S. Guaranteed</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">58,815,860</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Utilities &ndash; 6.3% (6.3% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">2,445</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Statewide Community Development Authority, Certificates of Participation Refunding,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">12/08 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,924,900</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="54%">&nbsp;<font face="sans-serif" size="2">Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 (5)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,800</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">No Opt. Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,216,026</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="54%">&nbsp;<font face="sans-serif" size="2">2007A, 5.500%, 11/15/37</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">21,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/16 at 64.56</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">7,191,535</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="54%">&nbsp;<font face="sans-serif" size="2">System Projects, Series 2008A, 0.000%, 9/01/23</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">605</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">9/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">491,133</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="54%">&nbsp;<font face="sans-serif" size="2">9/01/31 &ndash; SYNCORA GTY Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,470</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/10 at 101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">Baa3</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">3,045,550</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="54%">&nbsp;<font face="sans-serif" size="2">Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">(Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">29,820</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Utilities</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">13,869,144</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" 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="54%"><b><font face="sans-serif" size="2">Water and Sewer &ndash; 7.8% (7.8% of Total Investments)</font></b>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,480</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">6/15 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,466,769</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="54%">&nbsp;<font face="sans-serif" size="2">Series 2005AD, 5.000%, 12/01/22 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">8/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,346,880</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="54%">&nbsp;<font face="sans-serif" size="2">8/01/36 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">410</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">4/16 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">346,503</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="54%">&nbsp;<font face="sans-serif" size="2">5.000%, 4/01/36 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">10/13 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">495,830</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="54%">&nbsp;<font face="sans-serif" size="2">Capital Projects, Series 2003A, 5.000%, 10/01/23 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">5,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">7/17 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">4,419,900</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="54%">&nbsp;<font face="sans-serif" size="2">2007A-2, 5.000%, 7/01/44 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,850</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%, 1/01/33</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/18 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,678,283</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.500%, 1/01/38</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">1/18 at 100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,641,860</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">625</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap width="13%">
                    <p align="right"><font face="sans-serif" size="2">6/16 at 100.00</font>&nbsp;</p>
                </td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">568,563</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="54%">&nbsp;<font face="sans-serif" size="2">2006, 5.000%, 12/01/31 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">1,580</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Diego County Water Authority, California, Water Revenue Refunding Certificates of</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap width="13%">
                    <p align="right"><font face="sans-serif" size="2">5/12 at 101.00</font>&nbsp;</p>
                </td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">AA+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">1,510,859</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="54%">&nbsp;<font face="sans-serif" size="2">Participation, Series 2002A, 5.000%, 5/01/26 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Woodbridge Irrigation District, California, Certificates of Participation, Water Systems</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap width="13%">
                    <p align="right"><font face="sans-serif" size="2">7/13 at 100.00</font>&nbsp;</p>
                </td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td nowrap align="left" width="2%">&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">2,614,115</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="54%">&nbsp;<font face="sans-serif" size="2">Project, Series 2003, 5.625%, 7/01/43</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%">&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">19,445</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Water and Sewer</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">17,089,562</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">$&nbsp;&nbsp;&nbsp; &nbsp;275,925</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Investments (cost $238,627,074) &ndash; 100.6%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">220,042,017</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                    <hr noshade size="2">
                </td>

                <td width="2%">
                </td>

                <td width="90%" 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="54%"><font face="sans-serif" size="2">Floating Rate Obligations &ndash; (0.6)%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">(1,250,000)</font> </td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" 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="54%"><font face="sans-serif" size="2">Other Assets Less Liabilities &ndash; (0.0)%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="8%"><font face="sans-serif" size="2">(135,470)</font> </td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" 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="54%"><font face="sans-serif" size="2">Net Assets Applicable to Common Shares &ndash; 100%</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="left" width="13%">&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="2">$</font>&nbsp;</td>

                <td nowrap align="right" width="8%"><font face="sans-serif" size="2">218,656,547</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="6%">
                </td>

                <td width="2%">
                </td>

                <td width="90%" colspan="7">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade size="2">
        <a name="page_6"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(1)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">All percentages shown in the Portfolio of Investments are based on net assets applicable to Common</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="91%"><font face="sans-serif" size="2">shares unless otherwise noted.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(2)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">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="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">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="6%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">may be subject to periodic principal paydowns.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(3)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Ratings: Using the higher of Standard &amp; Poor&rsquo;s Group (&ldquo;Standard &amp; Poor&rsquo;s&rdquo;) or Moody&rsquo;s Investor Service,</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="91%"><font face="sans-serif" size="2">Inc. (&ldquo;Moody&rsquo;s&rdquo;) rating. Ratings below BBB by Standard &amp; Poor&rsquo;s or Baa by Moody&rsquo;s are considered to be</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="91%"><font face="sans-serif" size="2">below investment grade.</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="91%"><font face="sans-serif" size="2">The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, CIFG,</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="91%"><font face="sans-serif" size="2">FGIC, FSA, MBIA, RAAI and SYNCORA as of November 30, 2008. Subsequent to November 30, 2008, and</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="91%"><font face="sans-serif" size="2">during the period this Portfolio of Investments was prepared, there may have been reductions to the</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="91%"><font face="sans-serif" size="2">ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the</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="91%"><font face="sans-serif" size="2">period and after period end. Such reductions would likely reduce the effective rating of many of the bonds</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="91%"><font face="sans-serif" size="2">insured by that insurer or insurers presented at period end.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</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="91%"><font face="sans-serif" size="2">which ensure the timely payment of principal and interest. Such investments are normally considered to be</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="91%"><font face="sans-serif" size="2">equivalent to AAA rated securities.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(5)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">This debt has been restructured to accommodate capital maintenance at the facility. Major highlights of</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="91%"><font face="sans-serif" size="2">the debt restructuring include the following: (1) the principal balance outstanding on and after</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="91%"><font face="sans-serif" size="2">December 1, 2007, shall accrue interest at a rate of 6.500% per annum commencing December 1, 2007;</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="91%"><font face="sans-serif" size="2">(2) the interest shall accrue but not be payable on June 1, 2008 or December 1, 2008, but shall instead</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="91%"><font face="sans-serif" size="2">be deferred and paid by the end of calendar year 2011; (3) no principal component shall be pre-payable</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="91%"><font face="sans-serif" size="2">from the Minimum Sinking Fund Account during calendar years 2008 and 2009 but such pre-payments</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="91%"><font face="sans-serif" size="2">shall recommence beginning in calendar year 2010 according to a revised schedule. Management</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="91%"><font face="sans-serif" size="2">believes that the restructuring is in the best interest of Fund shareholders and that it is more-likely-than-</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="91%"><font face="sans-serif" size="2">not that the borrower will fulfill its obligation. Consequently, the Fund continues to accrue interest on</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="91%"><font face="sans-serif" size="2">this obligation.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Not rated.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(ETM)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Escrowed to maturity.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Inverse floating rate investment.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="6%"><font face="sans-serif" size="2">(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="91%"><font face="sans-serif" size="2">Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the</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="91%"><font face="sans-serif" size="2">provisions of SFAS No. 140.</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font face="sans-serif" size="2">Fair Value Measurements</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) &ldquo;Fair Value Measurements.&rdquo; SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund&rsquo;s
        investments various inputs are used. These inputs are summarized in the three broad levels listed below:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="100%"><font face="sans-serif" size="2">Level 1 &ndash; Quoted prices in active markets for identical securities.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="100%"><font face="sans-serif" size="2">Level 2 &ndash; Other significant observable inputs (including quoted prices for similar securities, interest</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp;<font face="sans-serif" size="2">rates, prepayment speeds, credit risk, etc.).</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="100%"><font face="sans-serif" size="2">Level 3 &ndash; Significant unobservable inputs (including management&rsquo;s assumptions in determining the fair</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;<font face="sans-serif" size="2">value of investments).</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">The following is a summary of the Fund's fair value measurements as of November 30, 2008:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="29%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="29%"><b><font face="sans-serif" size="2">Level 1</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="13%"><b><font face="sans-serif" size="2">Level 2</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><b><font face="sans-serif" size="2">Level 3</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%"><b><font face="sans-serif" size="2">Total</font></b>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="29%"><font face="sans-serif" size="2">Investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="29%"><font face="sans-serif" size="2">$ &mdash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="13%"><font face="sans-serif" size="2">$220,042,017</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="10%"><font face="sans-serif" size="2">$ &mdash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="9%"><font face="sans-serif" size="2">$220,042,017</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="98%" colspan="9">
                    <hr noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font face="sans-serif" size="2">Income Tax Information</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140.
        To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">At November 30, 2008, the cost of investments was $237,304,386.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2008, were as follows:</font></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="61%"><font face="sans-serif" size="2">Gross unrealized:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="36%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp; Appreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">$&nbsp; &nbsp;7,461,224</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp; Depreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">(25,973,593)</font></td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Net unrealized appreciation (depreciation) of investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%"><font face="sans-serif" size="2">$(18,512,369)</font></td>
            </tr>

            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade size="2">

        <p><font face="Times New Roman, Times, Serif" size="2"><b>Item 2. Controls and Procedures.</b></font></p>

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

            <li>There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</li>
        </ol>

        <p><font face="Times New Roman, Times, Serif" size="2"><b>Item 3. Exhibits.</b></font></p>

        <p><font face="Times New Roman, Times, Serif" size="2">File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.</font></p>

        <center>
            <h3><br>
            SIGNATURES<br>
            </h3>
        </center>

        <p><font face="Times New Roman, Times, Serif" size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

        <p><font face="Times New Roman, Times, Serif" size="2">(Registrant) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen California Municipal Value Fund, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

        <p><font face="Times New Roman, Times, Serif" size="2">By (Signature and Title) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;Kevin J. McCarthy&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;Kevin J. McCarthy<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; 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;January 29, 2009&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; 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; 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;January 29, 2009&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;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; 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;January 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
<PAGE>
<CENTER>
<H3><BR><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Stephen D. Foy, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 29, 2009&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></CENTER>
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</DOCUMENT>
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