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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891804-10-000477.txt : 20100129
<SEC-HEADER>0000891804-10-000477.hdr.sgml : 20100129
<ACCEPTANCE-DATETIME>20100129130046
ACCESSION NUMBER:		0000891804-10-000477
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091130
FILED AS OF DATE:		20100129
DATE AS OF CHANGE:		20100129
EFFECTIVENESS DATE:		20100129

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:		10556725

	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>nq1.htm</title>
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    <div><br><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC 20549</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
N-Q</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
Company Act file number <font style="DISPLAY: inline; TEXT-DECORATION: underline">811-5235</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen California Municipal
Value Fund, Inc.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nuveen
Investments</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices) (Zip code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
J. McCarthy Vice President and Secretary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333
West Wacker Drive, Chicago, Illinois 60606
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name and
address of agent for service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
telephone number, including area code: <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
fiscal year end:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2/28&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
reporting period:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11/30/09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form N-Q
is to be used by management investment companies, other than small business
investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after the
close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the
Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the
information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. &#167; 3507.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1. Schedule of Investments</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>

        <div>
          <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="7%">
                </td>
                <td width="57%">
                </td>
                <td width="15%">
                </td>
                <td width="8%">
                </td>
                <td width="10%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio of Investments
      (Unaudited)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nuveen California Municipal
      Value Fund, Inc. (NCA)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 12px"><font style="DISPLAY: inline; FONT-STYLE: italic">November 30, 2009</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="right" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Optional Call</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount (000)</font></td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description (1)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Provisions (2)</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ratings (3)</font></td>
                <td nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Value</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Consumer Staples &#8211; 3.6% (3.5%
      of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>$&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    465&#160;</td>
                <td align="left" nowrap>California County Tobacco Securitization Agency,
      Tobacco Settlement Asset-Backed Bonds, Sonoma&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>$ 435,003&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">County Tobacco
      Securitization Corporation, Series 2005, 4.250%, 6/01/21&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
                <td align="right" nowrap>6/17 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>1,445,760&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Asset-Backed Bonds, Series
      2007A-1, 5.750%, 6/01/47&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>11,010&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Enhanced Tobacco Settlement&#160;</td>
                <td align="right" nowrap>6/22 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>6,674,482&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">13,475&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Consumer Staples&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">8,555,245&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Education and Civic
      Organizations &#8211; 0.8% (0.8% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>140&#160;</td>
                <td align="left" nowrap>California Educational Facilities Authority, Revenue
      Bonds, University of Redlands, Series&#160;</td>
                <td align="right" nowrap>10/15 at 100.00&#160;</td>
                <td align="right" nowrap>A3&#160;</td>
                <td align="right" nowrap>131,127&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2005A, 5.000%,
    10/01/35&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>California Educational Facilities Authority, Revenue
      Bonds, University of the Pacific, Series 2006:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>95&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 11/01/21&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>A2&#160;</td>
                <td align="right" nowrap>98,555&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>125&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 11/01/25&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>A2&#160;</td>
                <td align="right" nowrap>126,528&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Certificates of Participation, San Diego&#160;</td>
                <td align="right" nowrap>12/09 at 102.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,471,950&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Space and Science Foundation, Series 1996, 7.500%,
    12/01/26&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,860&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Education and Civic Organizations&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">1,828,160&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Health Care &#8211; 11.4% (11.2% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>310&#160;</td>
                <td align="left" nowrap>California Health Facilities Financing Authority,
      Revenue Bonds, Kaiser Permanante System,&#160;</td>
                <td align="right" nowrap>4/16 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>283,697&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      4/01/37&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,365&#160;</td>
                <td align="left" nowrap>California Health Facilities Financing Authority,
      Revenue Bonds, Sutter Health, Series 2007A,&#160;</td>
                <td align="right" nowrap>11/16 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>5,061,931&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 11/15/46
    (UB)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>560&#160;</td>
                <td align="left" nowrap>California Statewide Communities Development
      Authority, Revenue Bonds, Adventist Health System&#160;</td>
                <td align="right" nowrap>3/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>505,047&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">West, Series 2005A, 5.000%,
      3/01/35&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Insured Health Facility Revenue Bonds,&#160;</td>
                <td align="right" nowrap>7/17 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,033,180&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Catholic Healthcare West,
      Series 2008K, 5.500%, 7/01/41 &#8211; AGC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>990&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanante System,&#160;</td>
                <td align="right" nowrap>3/16 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>895,990&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      3/01/41&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,460&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Kaiser Permanente System,&#160;</td>
                <td align="right" nowrap>8/16 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,421,208&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2001C, 5.250%,
      8/01/31&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,710&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Sherman Oaks Health&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,638,402&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">System, Series 1998A,
      5.000%, 8/01/22 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,390&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Revenue Bonds, Sutter Health, Series&#160;</td>
                <td align="right" nowrap>11/15 at 100.00&#160;</td>
                <td align="right" nowrap>Aa3&#160;</td>
                <td align="right" nowrap>3,088,561&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2005A, 5.000%,
    11/15/43&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,525&#160;</td>
                <td align="left" nowrap>Loma Linda, California, Hospital Revenue Bonds, Loma
      Linda University Medical Center, Series&#160;</td>
                <td align="right" nowrap>12/17 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>1,676,524&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2008A, 8.250%,
    12/01/38&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,940&#160;</td>
                <td align="left" nowrap>Palomar Pomerado Health, Calfornia, Certificates of
      Participation, Series 2009, 6.750%, 11/01/39&#160;</td>
                <td align="right" nowrap>11/19 at 100.00&#160;</td>
                <td align="right" nowrap>Baa2&#160;</td>
                <td align="right" nowrap>2,877,701&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>Santa Clara County Financing Authority, California,
      Insured Revenue Bonds, El Camino Hospital,&#160;</td>
                <td align="right" nowrap>8/17 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>3,052,710&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2007A, 5.750%,
      2/01/41 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Sierra View Local Health Care District, California,
      Revenue Bonds, Series 2007, 5.250%, 7/01/37&#160;</td>
                <td align="right" nowrap>9/17 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>893,260&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,730&#160;</td>
                <td align="left" nowrap>West Contra Costa Healthcare District, California,
      Certificates of Participation, Series 2004,&#160;</td>
                <td align="right" nowrap>7/14 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,802,937&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">5.375%, 7/01/21 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">27,980&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Health Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">27,231,148&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.6%
      (1.5% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,460&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Multifamily Housing Revenue Bonds,&#160;</td>
                <td align="right" nowrap>1/10 at 102.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>2,055,035&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Harbor City Lights, Series
      1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>445&#160;</td>
                <td align="left" nowrap>Riverside County, California, Subordinate Lien
      Mobile Home Park Revenue Bonds, Bravo Mobile&#160;</td>
                <td align="right" nowrap>4/10 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>407,531&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Home Park Project, Series
      1999B, 6.500%, 3/20/29&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,400&#160;</td>
                <td align="left" nowrap>San Dimas Housing Authority, California, Mobile Home
      Park Revenue Bonds, Charter Oak Mobile&#160;</td>
                <td align="right" nowrap>1/10 at 101.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,252,342&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Home Estates Acquisition Project, Series 1998A, 5.700%,
    7/01/28&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">4,305&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Housing/Multifamily&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">3,714,908&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Housing/Single Family &#8211; 2.3%
      (2.3% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>310&#160;</td>
                <td align="left" nowrap>California Housing Finance Agency, Home Mortgage
      Revenue Bonds, Series 2006H, 5.750%,&#160;</td>
                <td align="right" nowrap>2/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>321,954&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/30 &#8211; FGIC Insured
      (Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>4,390&#160;</td>
                <td align="left" nowrap>California Housing Finance Agency, Home Mortgage
      Revenue Bonds, Series 2007M, 4.700%,&#160;</td>
                <td align="right" nowrap>2/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>3,474,641&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/36 (Alternative
      Minimum Tax)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,125&#160;</td>
                <td align="left" nowrap>California State Department of Veteran Affairs, Home
      Purchase Revenue Bonds, Series 2007,&#160;</td>
                <td align="right" nowrap>12/16 at 100.00&#160;</td>
                <td align="right" nowrap>Aa2&#160;</td>
                <td align="right" nowrap>1,799,025&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">5.000%, 12/01/42 (Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">6,825&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Housing/Single Family&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">5,595,620&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Industrials &#8211; 0.4% (0.4% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>California Pollution Control Financing Authority,
      Solid Waste Disposal Revenue Bonds, Waste&#160;</td>
                <td align="right" nowrap>1/16 at 102.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>946,930&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative
      Minimum Tax)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Long-Term Care &#8211; 5.8% (5.7% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>ABAG Finance Authority for Non-Profit Corporations,
      California, Cal-Mortgage Revenue Bonds,&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Elder Care Alliance of Union City, Series
    2004:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,850&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.400%, 8/15/24&#160;</td>
                <td align="right" nowrap>8/14 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,895,362&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,130&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.600%, 8/15/34&#160;</td>
                <td align="right" nowrap>8/14 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,146,422&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,270&#160;</td>
                <td align="left" nowrap>ABAG Finance Authority for Non-Profit Corporations,
      California, Certificates of Participation,&#160;</td>
                <td align="right" nowrap>4/10 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>2,255,676&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">American Baptist Homes of
      the West, Series 1997A, 5.750%, 10/01/17&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>4,000&#160;</td>
                <td align="left" nowrap>ABAG Finance Authority for Non-Profit Corporations,
      California, Health Facility Revenue Bonds,&#160;</td>
                <td align="right" nowrap>8/18 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>3,910,720&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">The Institute on Aging,
      Series 2008A, 5.650%, 8/15/38&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,230&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Certificates of Participation, Internext&#160;</td>
                <td align="right" nowrap>4/10 at 100.50&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>2,241,663&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Group, Series 1999, 5.375%,
      4/01/17&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Riverside County Public Financing Authority,
      California, Certificates of Participation, Air&#160;</td>
                <td align="right" nowrap>5/10 at 100.50&#160;</td>
                <td align="right" nowrap>BB+&#160;</td>
                <td align="right" nowrap>1,462,110&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Force Village West, Series 1999, 5.750%, 5/15/19&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">13,980&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Long-Term Care&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">13,911,953&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/General &#8211; 1.9% (1.8% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>California, General Obligation Bonds, Series 2004,
      5.000%, 2/01/20&#160;</td>
                <td align="right" nowrap>2/14 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>508,295&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Los Angeles Unified School District, California,
      General Obligation Bonds, Series 2006F,&#160;</td>
                <td align="right" nowrap>7/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,576,290&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 7/01/24 &#8211; FGIC
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>Puerto Rico, General Obligation and Public
      Improvement Bonds, Series 2001A, 5.500%, 7/01/20 &#8211;&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,104,020&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>270&#160;</td>
                <td align="left" nowrap>Roseville Joint Union High School District, Placer
      County, California, General Obligation&#160;</td>
                <td align="right" nowrap>8/15 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>278,170&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Bonds, Series 2006B, 5.000%, 8/01/27 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">4,270&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/General&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">4,466,775&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Obligation/Limited &#8211; 29.3% (28.8% of Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Artesia Redevelopment Agency, California, Tax
      Allocation Revenue Bonds, Artesia Redevelopment&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>BBB+&#160;</td>
                <td align="right" nowrap>914,630&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Project Area, Series 2007,
      5.375%, 6/01/27&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Bell Community Redevelopment Agency, California, Tax
      Allocation Bonds, Bell Project Area,&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Series 2003:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.500%, 10/01/23 &#8211; RAAI
      Insured&#160;</td>
                <td align="right" nowrap>10/13 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>3,044,250&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.625%, 10/01/33 &#8211; RAAI
      Insured&#160;</td>
                <td align="right" nowrap>10/13 at 100.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>990,200&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,400&#160;</td>
                <td align="left" nowrap>Calexico Community Redevelopment Agency, California,
      Tax Allocation Bonds, Merged Central&#160;</td>
                <td align="right" nowrap>8/13 at 102.00&#160;</td>
                <td align="right" nowrap>BBB+&#160;</td>
                <td align="right" nowrap>2,252,880&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Business and Residential
      District Project, Series 2003C, 5.000%, 8/01/28 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>California State Public Works Board, Lease Revenue
      Bonds, Various Capital Projects, Series&#160;</td>
                <td align="right" nowrap>10/19 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>979,710&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2009G-1, 5.750%,
    10/01/30&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,000&#160;</td>
                <td align="left" nowrap>California State Public Works Board, Lease Revenue
      Bonds, Various Capital Projects, Series&#160;</td>
                <td align="right" nowrap>11/19 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>2,013,740&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2009I-1, 6.375%, 11/01/34
      (WI/DD, Settling 12/01/09)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>340&#160;</td>
                <td align="left" nowrap>Capistrano Unified School District, Orange County,
      California, Special Tax Bonds, Community&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>329,283&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Facilities District, Series
      2005, 5.000%, 9/01/24 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,005&#160;</td>
                <td align="left" nowrap>Chino Redevelopment Agency, California, Merged Chino
      Redevelopment Project Area Tax Allocation&#160;</td>
                <td align="right" nowrap>9/16 at 101.00&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>859,496&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006, 5.000%,
      9/01/38 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>20,110&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>17,738,629&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Revenue Bonds, Series
      2005A, 5.000%, 6/01/35 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Irvine, California, Unified School District,
      Community Facilities District Special Tax Bonds,&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Series 2006A:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>150&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 9/01/26&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>131,250&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>355&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.125%, 9/01/36&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>291,888&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,500&#160;</td>
                <td align="left" nowrap>Kern County Board of Education, California,
      Certificates of Participation, Series 2006A,&#160;</td>
                <td align="right" nowrap>6/16 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>2,490,200&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 6/01/31 &#8211; NPFG
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>615&#160;</td>
                <td align="left" nowrap>Los Angeles Community Redevelopment Agency,
      California, Lease Revenue Bonds, Manchester Social&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A2&#160;</td>
                <td align="right" nowrap>527,885&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Services Project, Series
      2005, 5.000%, 9/01/37 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,750&#160;</td>
                <td align="left" nowrap>Los Angeles County Schools, California, Certificates
      of Participation, Pooled Financing&#160;</td>
                <td align="right" nowrap>9/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,780,718&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Program, Regionalized
      Business Services Corporation, Series 2003A, 5.000%, 9/01/28 &#8211;&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">FSA Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,975&#160;</td>
                <td align="left" nowrap>Milpitas, California, Local Improvement District 20
      Limited Obligation Bonds, Series 1998A,&#160;</td>
                <td align="right" nowrap>3/10 at 103.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>3,019,863&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.650%, 9/02/13&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Modesto Schools Infrastructure Financing Agency,
      Stanislaus County, California, Special Tax&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Revenue Bonds, Series 2004:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,045&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 9/01/22 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>9/14 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>993,879&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,145&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 9/01/23 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>9/14 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,071,651&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,255&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 9/01/24 &#8211; AMBAC
      Insured&#160;</td>
                <td align="right" nowrap>9/14 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,164,740&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>420&#160;</td>
                <td align="left" nowrap>Oakland Redevelopment Agency, California,
      Subordinate Lien Tax Allocation Bonds, Central&#160;</td>
                <td align="right" nowrap>3/13 at 100.00&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>434,255&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">District Redevelopment
      Project, Series 2003, 5.500%, 9/01/18 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>8,000&#160;</td>
                <td align="left" nowrap>Palmdale Elementary School District, Los Angeles
      County, California, Special Tax Bonds,&#160;</td>
                <td align="right" nowrap>2/10 at 101.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>8,045,680&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Community Facilities
      District 90-1, Series 1999, 5.800%, 8/01/29 &#8211; FSA Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>290&#160;</td>
                <td align="left" nowrap>Rialto Redevelopment Agency, California, Tax
      Allocation Bonds, Merged Project Area, Series&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>252,868&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2005A, 5.000%, 9/01/35 &#8211;
      SYNCORA GTY Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,000&#160;</td>
                <td align="left" nowrap>Riverside County Redevelopment Agency, California,
      Tax Allocation Housing Bonds, Series 2004A,&#160;</td>
                <td align="right" nowrap>10/14 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>4,291,000&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 10/01/37 &#8211; SYNCORA
      GTY Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>360&#160;</td>
                <td align="left" nowrap>Roseville, California, Certificates of
      Participation, Public Facilities, Series 2003A, 5.000%,&#160;</td>
                <td align="right" nowrap>8/13 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>354,978&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/25 &#8211; AMBAC
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,130&#160;</td>
                <td align="left" nowrap>San Francisco Redevelopment Agency, California,
      Lease Revenue Bonds, Moscone Convention&#160;</td>
                <td align="right" nowrap>7/11 at 102.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>3,312,479&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Center, Series 2004,
      5.250%, 7/01/23 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,750&#160;</td>
                <td align="left" nowrap>San Jose Financing Authority, California, Lease
      Revenue Refunding Bonds, Convention Center&#160;</td>
                <td align="right" nowrap>9/11 at 100.00&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>2,885,823&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Project, Series 2001F,
      5.000%, 9/01/20 &#8211; NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>625&#160;</td>
                <td align="left" nowrap>San Mateo Union High School District, San Mateo
      County, California, Certificates of&#160;</td>
                <td align="right" nowrap>12/17 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>566,069&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Participation, Phase 1,
      Series 2007A, 5.000%, 12/15/30 &#8211; AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>740&#160;</td>
                <td align="left" nowrap>Shafter Joint Powers Financing Authority,
      California, Lease Revenue Bonds, Community&#160;</td>
                <td align="right" nowrap>1/10 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>742,620&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Correctional Facility
      Acquisition Project, Series 1997A, 5.950%, 1/01/11&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,000&#160;</td>
                <td align="left" nowrap>Simi Valley, California, Certificates of
      Participation, Series 2004, 5.000%, 9/01/24 &#8211;&#160;</td>
                <td align="right" nowrap>9/14 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>1,017,690&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Tehachapi Redevelopment Agency, California, Tax
      Allocation Bonds, Series 2007, 5.250%,&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>BBB&#160;</td>
                <td align="right" nowrap>1,220,205&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">12/01/37 &#8211; RAAI
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,925&#160;</td>
                <td align="left" nowrap>Travis Unified School District, Solano County,
      California, Certificates of Participation,&#160;</td>
                <td align="right" nowrap>9/16 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,798,354&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2006, 5.000%,
      9/01/26 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,500&#160;</td>
                <td align="left" nowrap>Ventura County Superintendent of Schools,
      California, Certificates Participation, Series 2003,&#160;</td>
                <td align="right" nowrap>12/11 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>2,537,125&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 12/01/27 &#8211; AMBAC
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,115&#160;</td>
                <td align="left" nowrap>Vista Joint Powers Financing Authority, California,
      Special Tax Lease Revenue Refunding Bonds,&#160;</td>
                <td align="right" nowrap>3/10 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>1,037,084&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Community Facilities District 90-2, Series 1997A, 5.875%,
      9/01/20&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">74,000&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Tax
      Obligation/Limited&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">70,091,122&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transportation &#8211; 4.4% (4.4% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,500&#160;</td>
                <td align="left" nowrap>Bay Area Toll Authority, California, Revenue Bonds,
      San Francisco Bay Area Toll Bridge, Series&#160;</td>
                <td align="right" nowrap>4/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>2,551,525&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2006F, 5.000%, 4/01/31
    (UB)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,500&#160;</td>
                <td align="left" nowrap>Foothill/Eastern Transportation Corridor Agency,
      California, Toll Road Revenue Refunding&#160;</td>
                <td align="right" nowrap>1/14 at 101.00&#160;</td>
                <td align="right" nowrap>BBB&#8211;&#160;</td>
                <td align="right" nowrap>5,438,180&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 1999, 5.875%,
      1/15/27&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,250&#160;</td>
                <td align="left" nowrap>Fresno, California, Airport Revenue Bonds, Series
      2000A, 5.500%, 7/01/30 &#8211; FSA Insured&#160;</td>
                <td align="right" nowrap>7/10 at 101.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,265,250&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>220&#160;</td>
                <td align="left" nowrap>Palm Springs Financing Authority, California, Palm
      Springs International Airport Revenue&#160;</td>
                <td align="right" nowrap>7/14 at 102.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>189,017&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2006, 5.550%,
      7/01/28 (Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,245&#160;</td>
                <td align="left" nowrap>San Francisco Airports Commission, California,
      Revenue Bonds, San Francisco International&#160;</td>
                <td align="right" nowrap>5/11 at 100.00&#160;</td>
                <td align="right" nowrap>A1&#160;</td>
                <td align="right" nowrap>1,189,722&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Airport, Second Series
      1999, Issue 23A, 5.000%, 5/01/30 &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">(Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">10,715&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Transportation&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">10,633,694&#160;</td>
              </tr><tr>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 25.4% (24.9%
      of Total Investments) (4)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Burbank Redevelopment Agency, California, Tax
      Allocation Bonds, Golden State Redevelopment&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Project, Series 2003:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,700&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.625%, 12/01/28
      (Pre-refunded 12/01/13) &#8211; FGIC Insured&#160;</td>
                <td align="right" nowrap>12/13 at 100.00&#160;</td>
                <td align="right" nowrap>N/R (4)&#160;</td>
                <td align="right" nowrap>1,979,225&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,010&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.750%, 12/01/33
      (Pre-refunded 12/01/13) &#8211; FGIC Insured&#160;</td>
                <td align="right" nowrap>12/13 at 100.00&#160;</td>
                <td align="right" nowrap>N/R (4)&#160;</td>
                <td align="right" nowrap>5,857,191&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,400&#160;</td>
                <td align="left" nowrap>California County Tobacco Securitization Agency,
      Tobacco Settlement Asset-Backed Bonds, Sonoma&#160;</td>
                <td align="right" nowrap>6/12 at 100.00&#160;</td>
                <td align="right" nowrap>N/R (4)&#160;</td>
                <td align="right" nowrap>2,582,520&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">County Tobacco Funding
      Corporation, Series 2002B, 5.500%, 6/01/30 (Pre-refunded 6/01/12)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,300&#160;</td>
                <td align="left" nowrap>California Department of Water Resources, Power
      Supply Revenue Bonds, Series 2002A, 5.125%,&#160;</td>
                <td align="right" nowrap>5/12 at 101.00&#160;</td>
                <td align="right" nowrap>Aaa&#160;</td>
                <td align="right" nowrap>3,680,622&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5/01/18 (Pre-refunded
      5/01/12)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,115&#160;</td>
                <td align="left" nowrap>California Educational Facilities Authority, Revenue
      Bonds, Pooled College and University&#160;</td>
                <td align="right" nowrap>6/10 at 101.00&#160;</td>
                <td align="right" nowrap>Baa3 (4)&#160;</td>
                <td align="right" nowrap>3,240,784&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Projects, Series 2000C,
      6.750%, 6/01/30 (ETM)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,845&#160;</td>
                <td align="left" nowrap>California, General Obligation Bonds, Series 2004,
      5.250%, 4/01/34 (Pre-refunded 4/01/14)&#160;</td>
                <td align="right" nowrap>4/14 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,334,312&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,260&#160;</td>
                <td align="left" nowrap>California, Various Purpose General Obligation
      Bonds, Series 2000, 5.750%, 3/01/27&#160;</td>
                <td align="right" nowrap>3/10 at 101.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,337,164&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">(Pre-refunded 3/01/10) &#8211;
      NPFG Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,065&#160;</td>
                <td align="left" nowrap>Contra Costa County, California, GNMA
      Mortgage-Backed Securities Program Home Mortgage Revenue&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,826,324&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 1988, 8.250%,
      6/01/21 (Alternative Minimum Tax) (ETM)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,105&#160;</td>
                <td align="left" nowrap>Golden State Tobacco Securitization Corporation,
      California, Tobacco Settlement Asset-Backed&#160;</td>
                <td align="right" nowrap>6/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>2,349,790&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 2003A-1,
      6.250%, 6/01/33 (Pre-refunded 6/01/13)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>685&#160;</td>
                <td align="left" nowrap>Los Angeles Community Redevelopment Agency,
      California, Tax Allocation Refunding Bonds,&#160;</td>
                <td align="right" nowrap>1/10 at 100.00&#160;</td>
                <td align="right" nowrap>BBB (4)&#160;</td>
                <td align="right" nowrap>691,261&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Central Business District
      Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,000&#160;</td>
                <td align="left" nowrap>Orange County Sanitation District, California,
      Certificates of Participation, Series 2003,&#160;</td>
                <td align="right" nowrap>8/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>5,766,600&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.250%, 2/01/27
      (Pre-refunded 8/01/13) &#8211; FGIC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>8,565&#160;</td>
                <td align="left" nowrap>Palmdale, California, GNMA Mortgage-Backed
      Securities Program Single Family Mortgage Revenue&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>6,877,695&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Bonds, Series 1988A,
      0.000%, 3/01/17 (ETM)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,300&#160;</td>
                <td align="left" nowrap>Puerto Rico Highway and Transportation Authority,
      Highway Revenue Bonds, Series 2002D, 5.375%,&#160;</td>
                <td align="right" nowrap>7/12 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>3,671,679&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">7/01/36 (Pre-refunded
      7/01/12)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>20,415&#160;</td>
                <td align="left" nowrap>San Bernardino County, California, GNMA
      Mortgage-Backed Securities Program Single Family Home&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>11,201,302&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Mortgage Revenue Bonds,
      Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap>Virgin Islands Public Finance Authority, Gross
      Receipts Taxes Loan Note, Series 1999A, 6.500%,&#160;</td>
                <td align="right" nowrap>10/10 at 101.00&#160;</td>
                <td align="right" nowrap>BBB+ (4)&#160;</td>
                <td align="right" nowrap>3,185,760&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">10/01/24 (Pre-refunded 10/01/10)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">66,765&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total U.S.
      Guaranteed&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">60,582,229&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Utilities &#8211; 7.1% (7.0% of Total
      Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>2,445&#160;</td>
                <td align="left" nowrap>California Statewide Community Development
      Authority, Certificates of Participation Refunding,&#160;</td>
                <td align="right" nowrap>12/09 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>2,209,889&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Rio Bravo Fresno Project,
      Series 1999A, 6.500%, 12/01/18 (5)&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,800&#160;</td>
                <td align="left" nowrap>Long Beach Bond Finance Authority, California,
      Natural Gas Purchase Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>No Opt. Call&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>1,629,180&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2007A, 5.500%,
    11/15/37&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>21,500&#160;</td>
                <td align="left" nowrap>Merced Irrigation District, California, Certificates
      of Participation, Water and Hydroelectric&#160;</td>
                <td align="right" nowrap>9/16 at 64.56&#160;</td>
                <td align="right" nowrap>A&#160;</td>
                <td align="right" nowrap>9,136,210&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">System Projects, Series
      2008A, 0.000%, 9/01/23&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>605&#160;</td>
                <td align="left" nowrap>Merced Irrigation District, California, Electric
      System Revenue Bonds, Series 2005, 5.125%,&#160;</td>
                <td align="right" nowrap>9/15 at 100.00&#160;</td>
                <td align="right" nowrap>N/R&#160;</td>
                <td align="right" nowrap>534,409&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">9/01/31 &#8211; SYNCORA GTY
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,470&#160;</td>
                <td align="left" nowrap>Puerto Rico Industrial, Tourist, Educational,
      Medical and Environmental Control Facilities&#160;</td>
                <td align="right" nowrap>6/10 at 101.00&#160;</td>
                <td align="right" nowrap>Baa3&#160;</td>
                <td align="right" nowrap>3,502,757&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Financing Authority,
      Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%,
    6/01/26&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">(Alternative Minimum Tax)&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">29,820&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Utilities&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">17,012,445&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap><font style="DISPLAY: inline; FONT-WEIGHT: bold">Water and Sewer &#8211; 7.8% (7.7% of
      Total Investments)</font></td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,480&#160;</td>
                <td align="left" nowrap>California Department of Water Resources, Water
      System Revenue Bonds, Central Valley Project,&#160;</td>
                <td align="right" nowrap>6/15 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>1,579,101&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Series 2005AD, 5.000%,
      12/01/22 &#8211; FSA Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,500&#160;</td>
                <td align="left" nowrap>Castaic Lake Water Agency, California, Certificates
      of Participation, Series 2006C, 5.000%,&#160;</td>
                <td align="right" nowrap>8/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>1,442,235&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">8/01/36 &#8211; NPFG
    Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>410&#160;</td>
                <td align="left" nowrap>Healdsburg Public Financing Authority, California,
      Wastewater Revenue Bonds, Series 2006,&#160;</td>
                <td align="right" nowrap>4/16 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#8211;&#160;</td>
                <td align="right" nowrap>396,003&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.000%, 4/01/36 &#8211; NPFG
      Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>500&#160;</td>
                <td align="left" nowrap>Los Angeles County Sanitation Districts Financing
      Authority, California, Senior Revenue Bonds,&#160;</td>
                <td align="right" nowrap>10/13 at 100.00&#160;</td>
                <td align="right" nowrap>AAA&#160;</td>
                <td align="right" nowrap>525,525&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Capital Projects, Series
      2003A, 5.000%, 10/01/23 &#8211; FSA Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>5,000&#160;</td>
                <td align="left" nowrap>Los Angeles Department of Water and Power,
      California, Waterworks Revenue Bonds, Series&#160;</td>
                <td align="right" nowrap>7/17 at 100.00&#160;</td>
                <td align="right" nowrap>AA&#160;</td>
                <td align="right" nowrap>4,914,900&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">2007A-2, 5.000%, 7/01/44 &#8211;
      AMBAC Insured&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Madera Irrigation District. California, Water
      Revenue Refunding Bonds, Series 2008:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,850&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.500%, 1/01/33&#160;</td>
                <td align="right" nowrap>1/18 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>1,884,947&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,000&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">5.500%, 1/01/38&#160;</td>
                <td align="right" nowrap>1/18 at 100.00&#160;</td>
                <td align="right" nowrap>A&#8211;&#160;</td>
                <td align="right" nowrap>3,019,290&#160;</td>
              </tr><tr>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
                <td>
                </td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>1,580&#160;</td>
                <td align="left" nowrap>San Diego County Water Authority, California, Water
      Revenue Refunding Certificates of&#160;</td>
                <td align="right" nowrap>5/12 at 101.00&#160;</td>
                <td align="right" nowrap>AA+&#160;</td>
                <td align="right" nowrap>1,629,770&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px">Participation, Series
      2002A, 5.000%, 5/01/26 &#8211; NPFG Insured&#160;</td>
                <td align="right" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>3,500&#160;</td>
                <td align="left" nowrap>Woodbridge Irrigation District, California,
      Certificates of Participation, Water Systems&#160;</td>
                <td align="right" nowrap>7/13 at 100.00&#160;</td>
                <td align="right" nowrap>A+&#160;</td>
                <td align="right" nowrap>3,315,897&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid">Project, Series 2003, 5.625%, 7/01/43&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">18,820&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total Water
      and Sewer&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">18,707,668&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;&#160;&#160;&#160;273,815&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Total
      Investments (cost $237,436,384) &#8211; 101.8%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">243,277,897&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Floating
      Rate Obligations &#8211; (1.9)%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(4,490,000)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">Other
      Assets Less Liabilities &#8211; 0.1%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">236,376&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net Assets
      &#8211; 100%&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
      239,024,273&#160;</td>
              </tr></table>
        </div><br><br>
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value Measurements</font></div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">In determining the value of the Fund's investments
various inputs are used. These inputs are summarized in the three broad levels
listed below: </div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 1 &#8211; Quoted prices in active
markets for identical securities.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 2 &#8211; Other significant observable
inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">&#160;&#160;Level 3 &#8211; Significant unobservable
inputs (including management's assumptions in determining the fair value of
investments).</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those
securities. The following is a summary of the Fund's fair value measurements as
of November 30, 2009:</div>
        <div>&#160;</div>
        <div>
          <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="34%">
                </td>
                <td width="30%">
                </td>
                <td width="14%">
                </td>
                <td width="11%">
                </td>
                <td width="10%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 1</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 2</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level 3</font></td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total</font></td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>Investments:&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 2px solid">Municipal Bonds&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$243,277,897&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$
    &#8212;&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$243,277,897&#160;</td>
              </tr></table>
        </div><br>
        <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Tax Information</font></div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">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 securities reflected as financing transactions, if any. 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.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">At November 30, 2009, the cost of investments was
$232,946,754.</div>
        <div>&#160;</div>
        <div style="TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized
depreciation of investments at November 30, 2009, were as follows:</div>
        <div>&#160;</div>
        <div>
          <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="62%">
                </td>
                <td width="37%">
                </td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">Gross
      unrealized:&#160;</td>
                <td align="left" nowrap style="BORDER-TOP: #000000 1px solid">&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160; Appreciation&#160;</td>
                <td align="right" nowrap>$13,885,442&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 1px solid">&#160;
      Depreciation&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 1px solid">(8,043,674)</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap style="BORDER-BOTTOM: #000000 2px solid">Net
      unrealized appreciation (depreciation) of investments&#160;</td>
                <td align="right" nowrap style="BORDER-BOTTOM: #000000 2px solid">$&#160;
      5,841,768&#160;</td>
              </tr></table>
        </div><br>
        <div>
          <table border="0" cellspacing="0" width="936" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
                <td width="7%">
                </td>
                <td width="92%">
                </td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(1)&#160;</td>
                <td align="left" nowrap>All percentages shown in the Portfolio of
      Investments are based on net assets applicable to Common&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>shares unless otherwise noted.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(2)&#160;</td>
                <td align="left" nowrap>Optional Call Provisions: Dates (month and year) and
      prices of the earliest optional call or redemption.&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>There may be other call provisions at varying prices
      at later dates. Certain mortgage-backed securities&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>may be subject to periodic principal
    paydowns.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(3)&#160;</td>
                <td align="left" nowrap>Ratings: Using the higher of Standard &amp; Poor's
      Group ("Standard &amp; Poor's") or Moody's Investor Service,&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>Inc. ("Moody's") rating. Ratings below BBB by
      Standard &amp; Poor's or Baa by Moody's are considered to be&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>below investment grade.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(4)&#160;</td>
                <td align="left" nowrap>Backed by an escrow or trust containing sufficient
      U.S. Government or U.S. Government agency securities&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>which ensure the timely payment of principal and
      interest. Such investments are normally considered to&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>be equivalent to AAA rated securities.&#160;</td>
              </tr><tr valign="bottom">
                <td align="right" nowrap>(5)&#160;</td>
                <td align="left" nowrap>This debt has been restructured to accommodate
      capital maintenance at the facility. Major highlights of&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>the debt restructuring include the following: (1)
      the principal balance outstanding on and after&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>December 1, 2007, shall accrue interest at a rate of
      6.500% per annum commencing December 1, 2007;&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>(2) the interest shall accrue but not be payable on
      June 1, 2008 or December 1, 2008, but shall instead be&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>deferred and paid by the end of calendar year 2011;
      (3) no principal component shall be pre-payable from&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>the Minimum Sinking Fund Account during calendar
      years 2008 and 2009 but such pre-payments shall&#160;</td>
              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>recommence beginning in calendar year 2010 according
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              </tr><tr valign="bottom">
                <td align="left" nowrap>&#160;</td>
                <td align="left" nowrap>the restructuring is in the best interest of Fund
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                <td align="left" nowrap>borrower will fulfill its obligation. Consequently,
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                <td align="right" nowrap>N/R&#160;</td>
                <td align="left" nowrap>Not rated.&#160;</td>
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                <td align="left" nowrap>Purchased on a when-issued or delayed delivery
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                <td align="left" nowrap>Escrowed to maturity.&#160;</td>
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                <td align="right" nowrap>(UB)&#160;</td>
                <td align="left" nowrap>Underlying bond of an inverse floating rate trust
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transaction.&#160;</td>
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2. Controls and Procedures.</font></div>
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      <div>
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<tr>
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      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)).</font></div>
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<tr>
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              <td align="left" valign="top" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">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.</font></div>
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3. Exhibits.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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        <div id="HDR">
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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)
<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;Nuveen
California Municipal Value Fund, Inc.&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;/s/&#160;Kevin
J.
McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kevin
J. McCarthy</font></div>
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President and Secretary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gifford
R. Zimmerman</font></div>
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Administrative Officer (principal executive officer)&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
(Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;/s/
Stephen D.
Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stephen
D. Foy</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice
President and Controller (principal financial officer)&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></div>
      <div>&#160;</div>
    </center>
    <div>I, Gifford R. Zimmerman, certify that:</div>
    <ol>
      <li>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;
        </li>
      <li>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
        </li>
      <li>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
        </li>
      <li>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) 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>
          <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>
          <li>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
            </li>
          <li>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and </li>
        </ol>
      </li>
      <li>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):

        <ol type="a">
          <li>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
            </li>
          <li>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting. </li>
        </ol>
      </li>
    </ol>
    <div>Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </div>
    <div>&#160;</div>
    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/
Gifford R.
Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br></font>Gifford R.
Zimmerman<br>Chief Administrative Officer<br>(principal executive officer)</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          </div>
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    <center>
      <div><br><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATIONS</font></div>
      <div>&#160;</div>
    </center>
    <div>I, Stephen D. Foy, certify that:</div>
    <ol>
      <li>I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;
        </li>
      <li>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
        </li>
      <li>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
        </li>
      <li>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) 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>
          <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>
          <li>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
            </li>
          <li>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and </li>
        </ol>
      </li>
      <li>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):

        <ol type="a">
          <li>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
            </li>
          <li>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting. </li>
        </ol>
      </li>
    </ol>
    <div>Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January
29, 2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> </div>
    <div>&#160;</div>
    <center>
      <div><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/
Stephen D. Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br></font>Stephen
D. Foy&#160;<br>Vice President and Controller<br>(principal financial
officer)<br><br></div>
    </center>
  </body>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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