<SEC-DOCUMENT>0000891804-16-001402.txt : 20160505
<SEC-HEADER>0000891804-16-001402.hdr.sgml : 20160505
<ACCEPTANCE-DATETIME>20160505125625
ACCESSION NUMBER:		0000891804-16-001402
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160505
DATE AS OF CHANGE:		20160505
EFFECTIVENESS DATE:		20160505

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:			0228

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05235
		FILM NUMBER:		161622743

	BUSINESS ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>nca.htm
<DESCRIPTION>NCA
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C. 20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFIED SHAREHOLDER REPORT OF</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REGISTERED MANAGEMENT INVESTMENT COMPANIES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment Company Act file number <font style="TEXT-DECORATION: underline">811-05235</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen California Municipal Value Fund, Inc.</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of registrant as specified in charter)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Investments</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">333 West Wacker Drive</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Chicago, IL 60606</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of principal executive offices) (Zip code)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kevin J. McCarthy</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Investments</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">333 West Wacker Drive</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Chicago, IL 60606</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Name and address of agent for service)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code: <font style="DISPLAY: inline; TEXT-DECORATION: underline">(312) 917-7700</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of fiscal year end:&#160;<font style="TEXT-DECORATION: underline">February 29</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of reporting period: <font style="DISPLAY: inline; TEXT-DECORATION: underline">February 29,&#160;2016</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (&#8220;OMB&#8221;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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. ss. 3507.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 1. REPORTS TO STOCKHOLDERS.</font></div>

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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Life is Complex</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen makes things e-simple.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready&#8212;no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Free e-Reports right to your e-mail!</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">www.investordelivery.com<br>
<font style="FONT-WEIGHT: normal">If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">or </font></div>

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<font style="FONT-WEIGHT: normal">If you receive your Nuveen Fund dividends and statements directly from Nuveen.</font></font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chairman's Letter to Shareholders</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Portfolio Manager's Comments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Fund Leverage</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common Share Information</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Risk Considerations</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Performance Overview and Holding Summaries</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Shareholder Meeting Report</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Report of Independent Registered Public Accounting Firm</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Portfolios of Investments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Statement of Assets and Liabilities</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">77</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Statement of Operations</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Statement of Changes in Net Assets</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">81</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Statement of Cash Flows</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">83</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Financial Highlights</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">84</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chairman's Letter to Shareholders</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Shareholders,</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The financial markets saw an increase in volatility over the past year. Global economic growth has continued to look fragile, led by China's ongoing slowdown and stagnant growth in Europe and Japan. By contrast, the U.S. economy's modest recovery stayed on pace. However, concerns about downside risks to U.S. economic growth were heightened in early 2016 amid a weak global growth outlook and churning stock markets. In addition to the challenging economic backdrop, the persistent decline of oil prices and a rally in the U.S. dollar dampened U.S. corporate earnings growth, further contributing to an uncertain outlook.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For most of 2015, the U.S. Federal Reserve postponed the first increase to its main policy interest rate, which tended to boost risky assets and weigh on longer-term bond yields at points throughout the year. However, volatility rose in the late spring amid Greece's turbulent negotiations with its European Union creditors. Not soon after, China's stock market crashed amid worries about its decelerating economy and a loss of confidence in its policy makers. Conditions turned more favorable in the fall, as the Fed delayed its rate hike again in October, the European Central Bank appeared poised for further easing and China administered another round of stimulus measures. By the time the Fed announced the rate hike in December, the move was widely expected and had very little market impact.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although volatility spiked in early 2016, conditions have generally improved since mid-February 2016. Global growth expectations remain subdued, but investors have gained more confidence that the Fed's interest rate increases will be gradual, oil prices appear more stable, the U.S. dollar has weakened and the U.S. economy continues to look fairly resilient. Consumer spending, which represents roughly two-thirds of the economy, continues to be supported by the meaningful improvement in the labor market, wage growth and cheaper gas prices.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The global markets may continue seeing bouts of market turbulence this year. While short-term volatility can be uncomfortable for investors, these periods can also provide opportunities. The experienced investment professionals working for you at Nuveen continue to seek upside potential and manage downside risks, whether markets are rising or falling. We also encourage you to contact your financial advisor, who can help you develop a plan to weather short-term price swings, while remaining consistent with your investment goals, time horizon and risk tolerance. </font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.</font></div>

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Chairman of the Board<br>
April 25, 2016</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen California Municipal Value Fund, Inc. (NCA)<br>
Nuveen California Municipal Value Fund 2 (NCB)<br>
Nuveen California AMT-Free Municipal Income Fund (NKX)<br>
Nuveen California Dividend Advantage Municipal Fund (NAC)<br>
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)<br>
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, reviews U.S. economic and municipal market conditions at the national and state levels, key investment strategies and the twelve-month performance of these Nuveen California Municipal Funds. Scott has managed NCA, NKX, NAC, NVX and NZH since 2003 and NCB since its inception in 2009.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended February 29, 2016?</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The U.S. economy grew at an overall moderate pace during the twelve-month reporting period. Harsh winter weather and a West coast port strike weighed on growth in the first quarter of 2015, but those factors proved temporary. Rebounding economic activity in the second quarter was followed by a mediocre advance in the latter half of the year. Real gross domestic product (GDP), which is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes, increased at an annual rate of 1.4% in the fourth quarter of 2015, as reported by the "third" estimate of the Bureau of Economic Analysis, down from 2.0% in the third quarter.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The labor and housing markets were among the bright spots in the economy during the reporting period, as both showed steady improvement. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.9% in February 2016 from 5.5% in February 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. The S&amp;P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.4% annual gain in January 2016 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 5.1% and 5.7%, respectively.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With GDP growth averaging around 2% for the previous four quarters, the U.S. economic recovery continued to underwhelm. Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from lower gasoline prices and an improving jobs market. Pessimism about the economy's future and lackluster wage growth likely contributed to consumers' somewhat muted spending. The sharp decline in energy prices and tepid wage growth also weighed on inflation during this reporting</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.</div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's (S&amp;P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Manager's Comments </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">period. The Consumer Price Index CPI rose 1.0% over the twelve-month period ended February 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.3% during the same period, the largest twelve-month gain since May 2012 and slightly above the Fed's unofficial longer term inflation objective of 2.0%.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Business investment was also rather restrained. Corporate earnings growth slowed during 2015, reflecting an array of factors ranging from weakening demand amid sluggish U.S. and global growth to the impact of falling commodity prices and a strong U.S. dollar. Energy, materials and industrials companies were hit particularly hard by the downturn in natural resource prices, as well as the expectation of rising interest rates, which would make their debts more costly to service. With demand waning, companies, especially in the health care and technology sectors, looked to consolidations with rivals as a way to boost revenues. Merger and acquisition deals, both in the U.S. and globally, reached record levels in the calendar year 2015.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although the current expansion continued to look subpar relative to past recoveries, the U.S. Federal Reserve (Fed) believed the economy was strong enough to begin the withdrawal of its stimulus policies. After winding down its bond buying program, known as quantitative easing, in October 2014, the Fed began telegraphing its intention to raise the target federal funds rate some time in 2015. The Fed had held the fed funds rate near zero since December 2008. However, the timing of its first rate hike was uncertain, particularly as the inflation rate stayed stubbornly low and signs of global economic weakness, notably from China, merited caution.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After delaying the rate change at each prior meeting in 2015, the Fed announced in December 2015 that it would raise its main policy interest rate by 0.25%. The news had a relatively muted impact on the financial markets, as the move was widely expected. Although the Fed continued to emphasize future rate increases would be gradual, uncertainties lingered. Given the fragility of the global economy and concerns about the U.S.'s lackluster growth, the Fed seemed more than likely to remain on hold in the near term. Not surprisingly, the Fed kept its target rate unchanged at its January policy meeting.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the broad municipal bond market, yields ended the twelve-month reporting period slightly below where they started, although their downward path was not a straight line. For most of the period, the generally improved condition of the U.S. economy and expectation of rising interest rates propelled municipal bond yields higher. However, after the Fed's first rate hike, subsequent rate hikes seemed unlikely in the near future as the pace of the U.S. economic recovery remained below average and weakness lingered abroad, especially in Europe and China. This helped renew demand for municipal bonds, bolstering prices and weighing on yields (as bond prices and yields move in opposite directions) in the final months of the reporting period.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The municipal market's supply-demand balance was generally favorable over this reporting period. Issuance was unusually strong at the beginning of 2015, fueling concerns about potential oversupply conditions. Over the twelve months ended February 29, 2016, municipal bond issuance nationwide totaled $349.2 billion, an increase of 9.8% from the issuance for the twelve-month period ended February 28, 2015. To articulate, gross municipal bond nationwide issuance is up. The surge in gross issuance is due mostly to increased refunding deals as issuers have been actively and aggressively refunding their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At the same time, regulatory changes, increased risk aversion and expectations for rising interest rates have encouraged bond dealers, typically brokers and banks, to reduce the size of their inventories in recent years. By holding smaller amounts of bonds on their books, dealers seek to mitigate their exposure to bonds that could potentially be worth less or be more difficult to sell in the future. Banks have reduced their participation in the markets in order to hold fewer bonds on their balance sheets. As a result, there has been less liquidity in the marketplace, which contributed to periods of increased price volatility.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">How were the economic and market environments in California during the twelve-month reporting period ended February 29, 2016?</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">California's economy is the largest in the United States and ranks eighth in the world according to the International Monetary Fund. Job growth continues to increase faster than the nation, driven by high technology, international trade and tourism but also supplemented by better residential construction and real estate conditions. As a result, the state's unemployment rate improved to 5.5% as of February 2016, down from 6.7% the year prior and the gap between the state and the nation's 4.9% unemployment rate is narrowing. According to the S&amp;P/Case-Shiller Index, home prices in San Diego, Los Angeles and San Francisco rose 6.9%, 6.9% and 10.5%, respectively, over the twelve months ended January 2016 (most recent data available at the time this report was prepared) compared with an average increase of 5.4% nationally. California entered its fifth straight year of drought conditions resulting in the Governor issuing mandatory water cuts. El Nino storms since December 2015 have provided some relief, but a full recovery from the drought will require more rain and snowfall. Agriculture is exempt from the mandate. Although farms consume 80% of California's water, they only generate 2% of the state's economic activity. The most significant economic risk would be a slowdown in California's home building industry, which is a major part of the state's economy. In looking at the impact of the drought more broadly, the non-partisan Legislative Analyst Office says the drought is not likely to have a significant effect on California's economy or state government revenues in the short term.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The enacted Fiscal 2016 budget is 0.8% higher than the revised estimate for Fiscal Year 2015. Strong revenue growth due to a recovering economy and the passage of Proposition 30 (increases state sales and personal income taxes temporarily) have aided in the State's fiscal recovery. For Fiscal Year 2016-2017, the proposed General Fund Governor's Budget totals $122.6 billion. The proposed budget echoes Governor Brown's recurring theme since he took office in 2011 to maintain a cautious approach to managing the state's finances. The proposal, which after meeting the constitutional requirements for reserve deposits and increase spending on education, calls for an extra deposit into the Rainy Day Fund and one-time infrastructure spending from discretionary resources. On July 2, 2015, S&amp;P upgraded its rating on California general obligation (GO) debt to "AA-/STABLE" from "A+/CreditWatch Positive." Moody's upgraded the State GO to Aa3 with stable outlook from A1 in June 2014. During the twelve months ended February 29, 2016, municipal issuance in California totaled $52.9 billion, an 8% gross issuance increase over the prior twelve months. For this reporting period, California was the largest state issuer in the nation, representing approximately 13.4% of total issuance nationwide.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">What key strategies were used to manage these California Funds during the twelve-month reporting period ended February 29, 2016?</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The broad municipal bond market enjoyed positive performance during the twelve-month reporting period overall. In general, California municipal bonds outpaced the overall municipal market return for the reporting period. California's economy continued to improve, as a declining unemployment rate and legislative changes improved the state's overall financial health and credit conditions. Additionally, investors seeking greater yield potential continued to bolster demand for California municipal bonds, which helped credit spreads contract during this reporting period.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds' investment objectives. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. We've also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Manager's Comments </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To keep the Funds fully invested, we continued to focus on purchasing bonds in areas of the market that we expected to perform well as the economy continued to improve. We emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We continued to find opportunities to purchase bonds in both the primary and secondary markets that helped keep the Funds fully invested. Overall, our emphasis in purchase activity was on relative value and credit quality, rather than sector. We found the most relative value in the A rated category, which included additions in the higher education and health care sectors, as these sectors tend to have a higher proportion of A rated credits. Especially in the primary market, A rated bonds featured better pricing relative to BBB and AA rated credits.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We continued to be more selective within the lower credit quality segments of the market (BBB and below investment grade), as yield spreads on lower rated bonds began to tighten. For example, we participated in some newly issued land-secured bonds that we believe offered relative values that were especially compelling. We also maintained the Funds' overweight tobacco exposures. Tobacco bonds continued to offer attractive yields for what we believe is a relatively moderate level of credit risk and good relative value, even after the sector's recently strong performance. In some of the Funds, we sold tobacco bonds to buy structures with similar income distribution profiles but less risk.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, we continued to replace some of the 4% and 5% coupon bonds that had been bought at significant premiums for similar structures offering better relative value. These transactions helped bolster the Funds' income distribution capabilities, as well as improve the tax efficiency of the overall portfolios.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">One of the shorter-term, more tactical strategies we implemented during this reporting period included increasing exposure to higher grade, higher liquidity bonds (primarily AA rated). These positions helped keep the Funds fully invested and were intended as short-term holdings that could be easily sold when proceeds were needed to fund a new purchase.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">How did the Funds perform during the twelve-month reporting period ended February 29, 2016?</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year, ten-year and/or since inception periods ended February 29, 2016. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the twelve months ended February 29, 2016, the total returns at common share NAV for all six of these Funds exceeded the return for the S&amp;P Municipal Bond California Index as well as that for the national S&amp;P Municipal Bond Index. For this same period, NKX, NAC, NVX and NZH outperformed the average return for the Lipper California Municipal Debt Funds Classification Average, while NCA and NCB trailed this Lipper California average.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The main contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve, which resulted in longer durations than the municipal market in general. This positioning was advantageous in this reporting period as intermediate- and longer-dated bonds generally outperformed shorter-dated bonds.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Funds' credit quality exposures also contributed positively, although to a lesser extent than yield curve and duration positioning. Lower rated municipal bonds outperformed higher-rated bonds during this reporting period, as the low interest rate environment continued to propel investor demand for yield. The Funds were positioned with overweight allocations to the outperforming A, BBB, below investment grade and non-rated categories and with underweight allocations to the underperforming AA and AAA rated categories. These tilts were advantageous to performance during this reporting period.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An Update Involving Puerto Rico</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In terms of Puerto Rico holdings, shareholders should note that NVX had 1.71%, NCB had no exposure and the other four Funds had allocations of less than 1% at the end of the reporting period, all of which are insured or escrowed to maturity. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&amp;P and Fitch, respectively, with negative outlooks.</font></div>

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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fund Leverage</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. NCA and NCB do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of the Funds over this reporting period. For NCA, the impact was less due to the low level of leverage used in the Fund.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the Funds' percentages of leverage are as shown in the accompanying table.</font></div>

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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Effective Leverage*</div>
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<td bgcolor="#cceeff" style="WIDTH: 23.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.58%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.56%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32.36%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34.61%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31.30%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37.33%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Regulatory Leverage*</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.00%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.00%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29.81%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28.86%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29.25%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30.75%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" id="b43fe4cc45f64177b9a1375f19664f49" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 3.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: 96.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.</div>
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<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<table border="0" cellpadding="0" cellspacing="0" id="9e9803cb1de9433eaa0fb4a9619c9530" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THE FUNDS' REGULATORY LEVERAGE</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NCA and NCB do not use regulatory leverage.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<table border="0" cellpadding="0" cellspacing="0" id="c1baa11eb32a46d595cebaa108c816f2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 1px; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">iMTP Shares</div>
</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VRDP Shares</div>
</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 1px; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issued at</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issued at</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidation</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidation</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preference</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preference</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NKX</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2018</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35,500,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,700,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">109,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,400,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">327,600,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NAC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">136,200,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49,800,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">105,600,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,900,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,100,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NVX</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NZH</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to Notes to Financial Statements, Note 4 &#8212; Fund Shares, Preferred Shares for further details on iMTP and VRDP Shares and each Fund's respective transactions.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="39e2e08eb6054965a15bbd4124475123" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 11px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Common Share Information</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COMMON SHARE DISTRIBUTION INFORMATION</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following information regarding the Funds' distributions is current as of February 29, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c14ccdca8abd4080b35eca107c2a2954" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="18" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per Common Share Amounts</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Monthly Distributions (Ex-Dividend Date)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">March 2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 15px;">
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">April</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">May</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">June</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">July</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">August</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">September</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">October</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">November</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">December</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">January</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">February 2016</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0390</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0650</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0720</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0760</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0675</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0670</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Monthly Per Share Distributions</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.7800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8640</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.9240</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ordinary Income Distribution*</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0038</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0290</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0047</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0052</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0060</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.0031</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Distributions from Net Investment Income</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4718</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8090</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8687</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.9292</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8310</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8071</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Distributions from Long-Term Capital Gains*</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.2327</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Distributions</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4718</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.0417</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8687</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.9292</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8310</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.8071</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Yields</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Market Yield**</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.76</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.19</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.52</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Taxable-Equivalent Yield**</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.65</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.75</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.47</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.82</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.95</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.45</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="c0c41968fee349ae9f5bcd05d657959d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: 95.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Distribution paid on December 2015.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.32%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 4.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">**</div>
</td>
<td style="WIDTH: 95.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="cd5627934cb24848b6314d47df2e0694" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 &#8211; Income Tax Information within the Notes to Financial Statements of this report.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COMMON SHARE REPURCHASES</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During August 2015, the Funds' Board of Directors/Trustees reauthorized an open&#8211;market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="08260ef4cc474b93b01c6ba0cebdc64b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="2" bgcolor="#cceeff" style="WIDTH: 26.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares cumulatively repurchased and retired&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares authorized for repurchase</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,570,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">330,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,770,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,740,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,475,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,415,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current reporting period, the Funds did not repurchase any of their outstanding common shares.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COMMON SHARE EQUITY SHELF PROGRAMS</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the reporting period, the following Fund was authorized to issue additional common shares through its ongoing equity shelf program. Under this program, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. Under the equity shelf program, the Fund is authorized to issue the following number of additional common shares.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="ba9ae910db724b9f97b9c8c3e0930238" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 56.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.4%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 56.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Additional common shares authorized</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.4%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current reporting period, NCA sold common shares through its equity shelf program at a weighted average premium to its NAV per common share as shown in the accompanying table.</font></div>

<table cellpadding="0" cellspacing="0" id="dc50886f7dc44b479b74e27efc9bf1c6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common shares sold through equity shelf program</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,043,028</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Weighted average premium to NAV per common share sold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.21</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">OTHER COMMON SHARE INFORMATION</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5d7d5475a301457d9bdb0af33a0b076c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common share NAV</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.56</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.23</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.17</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.92</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common share price</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.79</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.70</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.63</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.84</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.62</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.56</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Premium/(Discount) to NAV</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.18</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.73</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3.34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2.74</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2.41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
</tr><tr>
<td colspan="2" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12-month average premium/(discount) to NAV&#160;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.25</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3.32</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6.10</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4.04</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5.93</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6.77</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="17b7dacf4b094d0b8380c59db49ce9fa" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 13px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Risk Considerations</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen California Municipal Value Fund, Inc. (NCA)<br>
Nuveen California Municipal Value Fund 2 (NCB)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debt or fixed income securities </font>such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">State concentration </font>makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">tax risk </font>are described in more detail on the Fund's web page at www.nuveen.com/NCA, www.nuveen.com/NCB.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen California AMT-Free Municipal Income Fund (NKX)<br>
Nuveen California Dividend Advantage Municipal Fund (NAC)<br>
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)<br>
Nuveen California Dividend Advantage Municipal Fund 3 (NZH)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debt or fixed income securities </font>such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leverage </font>increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">State concentration </font>makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">inverse floater risk </font>and <font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">tax risk </font>are described in more detail on the Fund's web page at www.nuveen.com/NKX, www.nuveen.com/NAC, www.nuveen.com/NVX, www.nuveen.com/NZH.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="dc1204c5bebd4ad2b802e5ea8fa690b2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4.46%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 94.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a0d94c3205a545808f257ebf7e83a192" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund, Inc.</div>
</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b96313acceee4759a858f6e0a5655711" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NCA at Common Share NAV</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.81%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.95%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NCA at Common Share Price</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.08%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.32%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.35%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.05%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.68%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.58%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="nca.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="90f9e02d5fdc4ccd804c17c9769abfb5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
</td>
<td style="WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98.9%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Plus Floating Rate Obligations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">101.6%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Floating Rate Obligations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.6)%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="59c1ef8dc5c544058bea7976fa0fa903" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Water and Sewer</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="5105ad3b5eaf4fd6b0e8952e7683c29a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40.2%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.3%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="07ddfa51640e4a9383fc5d8b3d8e9614" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="6c1f27538acb4cbe8c083ecb09d770e5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 14px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund 2</div>
</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="905f9fcf3eef4efba852985b5e08d718" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 62.86%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 37.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
</td>
</tr><tr>
<td style="WIDTH: 62.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Since</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inception</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NCB at Common Share NAV</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.57%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.43%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.17%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NCB at Common Share Price</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.91%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.22%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.16%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.36%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.60%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.22%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="ncb.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="a76c01e865f249db83fb3925c394dc7d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
</td>
<td style="WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">94.8%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.2%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="96b788531ab04d0bada85bd89efdbe7b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Utilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.8%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.2%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Housing/Single Family</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.0%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="7b03ad3689e349538960c4843d28478a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.9%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.1%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="111e5ae71b2747f7801231859e3ca68d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 3.9%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 94.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="bda5d9038f054bbb94f8a3725c11b8f8" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="ea51492d1ebe419e85a7b76f59eb03b2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 64.42%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NKX at Common Share NAV</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.09%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.95%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NKX at Common Share Price</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.93%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.50%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.88%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.05%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.68%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.58%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="nkx.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="7829f5549861466ca037ebb9e140f712" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
</td>
<td style="WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140.0%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Plus Floating Rate Obligations, iMTP Shares, at Liquidation Preference &amp; VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">142.6%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Floating Rate Obligations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.1)%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">iMTP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4.7)%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(37.8)%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="005a9e39083b4666b2b772dbc42a8aeb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28.5%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Water and Sewer</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.1%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.7%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="d810099a9e6449b2af272467e5dcb58f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.3%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="878c4a22e605481789b4101c6f36f940" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b6aacd1cb25445c083b7d3d056544fd6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
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<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<table cellpadding="0" cellspacing="0" id="286b513c42f847b3bc54e3f9ded46345" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 65.09%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 34.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10-Year</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NAC at Common Share NAV</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.73%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.43%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.65%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NAC at Common Share Price</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.79%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.28%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.67%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.05%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.68%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.58%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="nac.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="df197b92dba8459b9d1c58fadba3da76" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
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<td style="WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">142.3%</div>
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</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.0%</div>
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</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Plus Floating Rate Obligations &amp; VRDP Shares, at Liquidation Preference</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">145.3%</div>
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</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Floating Rate Obligations</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4.7)%</div>
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</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">VRDP Shares, at Liquidation Preference</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(40.6)%</div>
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</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="ce3cab62ddf34261a7ba40f66094fbd9" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21.7%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.6%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Water and Sewer</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.0%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Transportation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.0%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Consumer Staples</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.5%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.5%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="d4d9befe03164bf191bd15e38ef7a428" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">48.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.9%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.3%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.0%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 78.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="de0136ae2964414082dec06aaa13b862" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ab73708c07d1456493d3437a70947676" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 17px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 2</div>
</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="7863faeff4bc443d84dc7fa137c2f009" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 52.23%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NVX at Common Share NAV</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.03%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.87%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.40%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NVX at Common Share Price</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.22%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.68%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.85%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.05%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.68%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.58%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="nvx.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="997777cc07de41cf915cacc2ac2ea02b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Plus Floating Rate Obligations &amp; VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">141.7%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Floating Rate Obligations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.4)%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(41.3)%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="80a1911dc0494ff88e00d7345296ca41" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23.4%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18.3%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Transportation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Water and Sewer</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Utilities</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.7%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.8%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="6739340f52fc4302b3e4281c5a14abdb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 12px;">
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.9%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25.5%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="74656422dc0349819cf8522b414eeec4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5a9d660544df4c88965ab643f2ad26e4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Overview and Holding Summaries as of February 29, 2016</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Average Annual Total Returns as of February 29, 2016</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="fb57d2e60aaa4029ad21674ad5bd27c7" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 52.23%; VERTICAL-ALIGN: top">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10-Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NZH at Common Share NAV</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.26%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.67%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.01%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NZH at Common Share Price</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.31%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.37%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.41%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond California Index</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.37%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.74%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.05%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">S&amp;P Municipal Bond Index</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.78%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.63%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.68%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 52.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lipper California Municipal Debt Funds Classification Average</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.24%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.50%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.58%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="nzh.jpg"></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ratings shown are the highest rating given by one of the following national rating agencies: Standard &amp; Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d49f575cf1ad4612a6335265b1161f8b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Allocation</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of net assets)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long-Term Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140.2%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other Assets Less Liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Plus Floating Rate Obligations &amp; VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">144.6%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Floating Rate Obligations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.2)%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">VRDP Shares, at Liquidation Preference</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(44.4)%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="e5e934015ba5465e99e3981a6f9ba102" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Composition</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investments)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26.7%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19.4%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Water and Sewer</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.0%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.1%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="7c2675efebc3454f9d68b317d232d833" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 18px;">
<td style="WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Quality</div>
</td>
<td style="WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(% of total investment exposure)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA/U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.3%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49.9%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19.5%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.6%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB or Lower</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.5%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (not rated)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.2%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">100%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="69f3552986f44e49a1568facbb8a3201" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Shareholder Meeting Report</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The annual meeting of shareholders was held in the offices of Nuveen Investments on November 17, 2015 for NCA, NCB, NKX, NAC, NVX and NZH; at this meeting the shareholders were asked to elect Board Members.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e33448d7f9bc4109b370ff41a2fd77b2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common and</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common and</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-LEFT: #000000 2px solid; WIDTH: 11.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common</div>
</td>
<td style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-LEFT: #000000 2px solid; WIDTH: 11.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td colspan="4" bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Approval of the Board Members was reached as follows:&#160;&#160;&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Jack B. Evans</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,060,778</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,048,554</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,072,527</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95,687,722</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">422,216</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,829</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">747,683</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,686,543</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,482,994</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,090,383</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,820,210</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,374,265</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William C. Hunter</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,671</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,403</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,671</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,403</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William J. Schneider</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22,969,174</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,048,554</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,671</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,403</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">513,820</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,829</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,482,994</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,090,383</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,671</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,403</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Thomas S. Schreier, Jr.</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,063,522</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,048,554</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,976,747</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95,524,415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">419,472</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,829</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">843,463</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,849,850</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,482,994</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,090,383</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,820,210</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,374,265</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c22c845cb93c4b8595a6cf08ce6f2f3d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shareholder Meeting Report </font>(continued)</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="07c9cf5a5eea4a2593e717a75ac2a43b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common and</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common and</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">shares voting</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">together</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Preferred</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">as a class</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Approval of the Board Members was reached as follows:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Jack B. Evans</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,199,933</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,844,882</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">352,385</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">366,228</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,552,318</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22,211,110</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William C. Hunter</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">680</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,470</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William J. Schneider</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">680</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,470</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Thomas S. Schreier, Jr.</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">For</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,171,845</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,738,296</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Withhold</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">380,473</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">472,814</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,552,318</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22,211,110</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="fa9c18eda7de48d79122201f41e2c474" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 12pt">Report of Independent Registered Public Accounting Firm</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the Board of Directors/Trustees and Shareholders of<br>
Nuveen California Municipal Value Fund, Inc.<br>
Nuveen California Municipal Value Fund 2<br>
Nuveen California AMT-Free Municipal Income Fund<br>
Nuveen California Dividend Advantage Municipal Fund<br>
Nuveen California Dividend Advantage Municipal Fund 2<br>
Nuveen California Dividend Advantage Municipal Fund 3:</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen California Municipal Value Fund, Inc., Nuveen California Municipal Value Fund 2, Nuveen California AMT-Free Municipal Income Fund, Nuveen California Dividend Advantage Municipal Fund, Nuveen California Dividend Advantage Municipal Fund 2 and Nuveen California Dividend Advantage Municipal Fund 3 (the "Funds") as of February 29, 2016, and the related statements of operations for the year then ended, the statements of cash flows (Nuveen California AMT-Free Municipal Income Fund, Nuveen California Dividend Advantage Municipal Fund, Nuveen California Dividend Advantage Municipal Fund 2, and Nuveen California Dividend Advantage Municipal Fund 3 only) for the year then ended, and the statement of changes in net assets and the financial highlights for each of the years in the two-year period then ended. The financial highlights for the periods presented through February 28, 2014, were audited by other auditors whose report dated April 25, 2014, expressed an unqualified opinion on those financial highlights. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 29, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of February 29, 2016, the results of their operations for the year then ended, their cash flows (Nuveen California AMT-Free Municipal Income Fund, Nuveen California Dividend Advantage Municipal Fund, Nuveen California Dividend Advantage Municipal Fund 2, and Nuveen California Dividend Advantage Municipal Fund 3 only) for the year then ended, and the changes in their net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ KPMG LLP <br>
Chicago, Illinois <br>
April 27, 2016</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NCA</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund, Inc.</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<td style="WIDTH: 48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 98.9% (100.0% of Total Investments)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 98.9% (100.0% of Total Investments)</div>
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<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 4.5% (4.6% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,002,320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">195</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">195,027</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,940</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,739,612</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,570</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,369,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,361,645</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,205</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,668,434</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 0.5% (0.5% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65,216</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">450</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">524,934</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">700</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">789,390</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,215</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,379,540</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 11.8% (11.9% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">285</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">330,118</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">555</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">636,502</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">406,385</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">690</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">789,857</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital &#8211; San Diego, Series 2011:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">560</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/15/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">650,278</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">752,765</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200,660</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,365</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,527,291</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,270</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,346,386</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,987,906</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,151,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,089,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c1a5b18c41eb42e5b161ae03617f0414" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="1f2bf43d0e8b4a53bbc734b57f8a5f69" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,484,382</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,710</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,125,822</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,940</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,296,034</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,096,359</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,750</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,145,150</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,130</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,017,325</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 2.1% (2.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,010</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115,495</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,060</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,187,486</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">73,419</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">197,026</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,255</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,257,661</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,105</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,106,790</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,670</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,937,877</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 16px;">
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 0.8% (0.8% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,125</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,164,249</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-Term Care &#8211; 1.7% (1.7% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,418,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">180</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">180,803</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,180</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Long-Term Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,599,643</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 20.7% (20.9% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,196,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,203,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,587,130</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2009:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 4/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,872,650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,175,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,316,640</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2013:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,917,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,876,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,609,981</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="26c40b254ebd44fcbfe7aa24d9b3f34a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3a651cc6c7e4438293b295de367a19c5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund, Inc.</div>
</td>
<td style="WIDTH: 27%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
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<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2014:</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
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<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/32</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/24 at 100.00</div>
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<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,955,250</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,970</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,313,568</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">290</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 &#8211; AGM Insured</div>
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<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 13.60</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34,635</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,972,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 &#8211; NPFG Insured</div>
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<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,087,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,875</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/36 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,666,962</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,320</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,450,350</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,860</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,697,062</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">71,055</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,933,068</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 22.0% (22.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,001,690</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 10/01/23 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,003,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.625%, 10/01/33 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000,630</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,189,360</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,458,913</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,167,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,398,620</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,484,170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,005</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 101.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,033,522</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,041,240</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">753,293</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,459,532</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">675</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, <br>
5/01/25 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">692,091</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">152,606</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">355</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 9/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,119</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,522,625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">859,890</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="713c1fdc10ab413ba306cf6aea42a04a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 3.98%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="cae87730f3ed40bcae40aeb3ae5d295b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,520</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,045,078</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">370</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">468,213</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 29px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">169,757</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,934,999</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">177,082</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">950</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,053,170</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">860</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">958,126</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">440</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">505,718</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">99,845</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,017,660</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,814</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,144,620</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185,788</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78,547</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78,518</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">96,638</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,761,578</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">822,198</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">424,808</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">590</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">626,073</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">110</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">131,263</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,330</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,371,057</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,104,140</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">590</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">591,422</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,730</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,736,557</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="0c2b2500ca624d8c87e597c2974cab63" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="705d2d9f9b844c81bd1b61f37d05dcac" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 13px;">
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="WIDTH: 61.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund, Inc.</div>
</td>
<td style="WIDTH: 25.64%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 12px;">
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 61.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 25.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="99ebef20f93e4b2e82cb2e7d3f616ce3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">190</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">231,374</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,515</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">61,450,944</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 9.0% (9.1% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,171,569</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,945</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 1/15/42 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,155,585</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,010</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,695,590</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,010</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,719,008</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,665</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,448,413</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,460,440</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185,801</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,210</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,395,203</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,845</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,231,609</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 19.0% (19.2% of Total Investments) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,510,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,671,152</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,064,470</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,530,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,005</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,384,025</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">410</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">411,784</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,525</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+ (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,729,838</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24 <br>
(Pre-refunded 7/01/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2 (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,524,615</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 64.56</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,901,594</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,710</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 13.60</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">736,990</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,565</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,524,316</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,130</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,292,539</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,950</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,100,524</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">674,569</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 <br>
(Pre-refunded 8/01/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+ (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,223,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9496297a712c4ae2aadfb08474ba1240" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="92aca5047202432581c2b73653121fb1" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47.82%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (4) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">910</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">955,946</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,925</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 (Pre-refunded 9/01/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3 (4)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,971,277</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">67,330</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,208,819</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 1.5% (1.5% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000,180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,800</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,264,940</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,800</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,265,120</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 5.3% (5.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Resources Channelside LP Desalination Project, Series 2012:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,375</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/37 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,507,660</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,675</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,922,036</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2007A-2, 5.000%, 7/01/44 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,273,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 1/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,996,335</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 1/01/38</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,215,070</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,900</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Water and Sewer</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,914,301</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">290,970</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Tem Investments (cost $245,270,711)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">276,770,929</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (1.6)%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(4,490,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 2.7%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,599,563</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">279,880,492</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c45c1fa5602149a592b1bff2de08e8a1" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
</td>
</tr><tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
</td>
</tr><tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
</td>
</tr><tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
</tr><tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(ETM)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Escrowed to maturity.</div>
</td>
</tr><tr>
<td style="WIDTH: 8.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(UB)</div>
</td>
<td style="WIDTH: 91.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9efd4fade5b944dbb537f94eb1be618b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29</div>
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</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="bd747218fe8b4a53a2ee8aea8e9287ae" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 12px;">
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="WIDTH: 68.95%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.71%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 68.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund 2</div>
</td>
<td style="WIDTH: 18.71%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 68.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
</td>
<td style="WIDTH: 18.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="17bc699255484a97923a035a65ee6ced" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 94.8% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 94.8% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 5.9% (6.2% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,898,280</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,440,705</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,338,985</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 2.2% (2.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">971,983</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">116,652</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">169,155</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,257,790</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 13.4% (14.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,140,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,175,386</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital of Orange County, Series 2009A, 6.500%, 11/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,180,130</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">70</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80,280</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">75</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">87,082</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">171,708</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">516,825</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">685</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">725,477</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,660</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">725</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">774,090</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">380</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">465,804</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,735</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,596,642</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.2% (1.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">225</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">248,501</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">70</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78,419</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">290,598</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="6e388a5faf4547eaacada8cf4e2a8764" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily </font>(continued)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,943</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45,034</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">600</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">679,495</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 4.8% (5.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">240</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">244,058</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,435</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,452,849</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,675</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Single Family</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,696,907</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-Term Care &#8211; 2.1% (2.3% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,223,080</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 12.6% (13.3% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,097,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,160,312</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">195</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 13.60</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,289</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Marcos Unified School District, San Diego County, California, General Obligation&#160;Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,299,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Western Riverside Water &amp; Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%, <br>
9/01/39 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">564,140</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,795</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,144,521</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 18.4% (19.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,965</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,261,656</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">590,905</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,702</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">206,858</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,086,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">145</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, <br>
5/01/25 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">148,671</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">425</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">487,496</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">101,235</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,376</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,737</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">232,806</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">190</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">211,679</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="76c2f12158134624afe1d2621b2ae1b1" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="51c778bb6e144be18f88192300c6778c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
<td style="WIDTH: 63.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Municipal Value Fund 2</div>
</td>
<td style="WIDTH: 23.57%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 63.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 23.57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a3fc0c215fea43f3b827ad241de38f33" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">109,189</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,721</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22,726</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,145,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.250%, 4/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,683,780</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,126</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,120</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">585</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/22 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">617,503</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">132,642</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29,833</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">48,893</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,190</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,427,584</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 5.0% (5.3% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">395</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">471,302</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,012,889</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,017,941</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">305</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">347,602</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,430</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,849,734</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 13.0% (13.7% of Total Investments) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">55</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/01/39 (Pre-refunded 11/01/19)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">64,339</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/01/39 (Pre-refunded 11/01/19)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A2 (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">93,647</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">365,565</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">575</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">692,501</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/19)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2 (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,263,987</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,805</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 13.60</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">491,111</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.111%, 2/01/35 (Pre-refunded 2/01/19) (IF) (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,890,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">274,522</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="29707dc4935d4938b1ca31fd0e7ad187" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="cc5c284d8b244846a7977980a8e26219" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (4) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Westlake Village, California, Certificates of Participation, Financing Project, Series 2009, 5.000%, 6/01/39 (Pre-refunded 6/01/16)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (4)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,214,904</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,425</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,350,576</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 14.1% (14.8% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,399,410</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,495</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,578,982</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,864,136</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,130,020</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,895</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,972,548</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 2.1% (2.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,075</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,174,276</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59,435</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Term Investments (cost $45,099,563)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">53,712,138</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 5.2%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,961,340</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">56,673,478</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d928b5692f854d7ebe88219dde58034d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(IF)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inverse floating rate investment.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e63854f8c8824a65b97736c035a40ab4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="0fcfa2f4654f46ad88d958b0c09e2928" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 13px;">
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 66.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 20.86%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 20.86%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 14px;">
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
</td>
<td style="WIDTH: 20.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3e2249647f024ee1906577eb2cda021b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 140.0% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 140.0% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 7.6% (5.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">995</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,004,940</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.600%, 6/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,367,018</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.650%, 6/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325,377</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,780</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.700%, 6/01/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,782,669</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95,013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,135,196</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,570</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,134,130</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,950</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 6/01/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,885,358</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,560</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 6/01/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,173,219</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,989,043</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,450</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.375%, 6/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,064,342</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 6/01/45</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,920,940</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">61,995</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">58,877,245</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 2.2% (1.6% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,050</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,178,741</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,544,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35,116</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,275,533</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,076,406</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley &amp; Northern Nevada Project, Series 2012A, 6.875%, 1/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,791,360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,372,340</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">338,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 &#8211; Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">223,491</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,425</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,836,037</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 15.5% (11.1% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,830</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,243,563</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">430</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">498,073</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ed986efc360a4f35bf772dd4f78cb3ad" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3e780f9bda3e4ebc842d9ff6665b971d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 13px;">
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,823,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,630</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,821,721</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,255</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,406,089</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,132,730</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,520</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,890,062</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,308,540</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,405</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,631,346</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,205,216</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 29px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">335</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital &#8211; San Diego, Series 2011, 5.250%, 8/15/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">376,383</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,265</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,575,516</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">826,388</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">605</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">617,191</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,299,204</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 &#8211; AGM Insured (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,257,407</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, <br>
7/01/41 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,202,440</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,995</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.65pt; FONT-SIZE: 10pt">5.000%, 8/15/39 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,119,742</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.65pt; FONT-SIZE: 10pt">5.000%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,728,865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">835</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/24 (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">836,077</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/30 (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,239,703</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">730</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">742,191</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,105,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,555</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,353,715</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,554,700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,872,038</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.625%, 11/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,347,420</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.750%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,408,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a82b17b99a8544ec9946e80aa34c1e80" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="6ced530865034ca984a2635e5671ff76" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 12px;">
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 66.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 20.46%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued<font style="FONT-STYLE: italic; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</font></div>
</td>
<td style="WIDTH: 20.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,618,635</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,595</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,770,707</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,031,680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,041,930</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 101.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,045,080</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">109,255</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">119,930,892</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 2.5% (1.8% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">480</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">530,136</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">155</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">173,642</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">406,837</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.625%, 11/15/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,251,820</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/15/48</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,145,680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">293,678</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">705</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">793,731</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,285</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,552,432</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/15/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">743,814</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/15/49</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">204,259</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,060</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 2003, 5.000%, 5/01/23</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,062,883</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,150</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,158,912</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 0.1% (0.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">400</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">406,764</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-Term Care &#8211; 1.2% (0.9% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,490,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,751,930</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Northern California Presbyterian Homes &amp; Services Inc., Refunding Series 2015, 5.000%, 7/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,499,472</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2007A, 5.125%, 4/01/37</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,535,730</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,050</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Long-Term Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,277,812</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 33.2% (23.7% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,650,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,203,320</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9f07ebfd0c464df4a2ee2465374ca966" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c6b52957221041e7bdadcab07b95eb2f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,910</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 10/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,891,214</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,140</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,653,365</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,055</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,895,338</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,930,544</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2009:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,762,355</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,300</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,491,620</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,125,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">California State, General Obligation Bonds, Various Purpose Series 2011:</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,347,780</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,090</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,712,825</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,030,405</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2013:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,084,920</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,300,880</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,520</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,431,738</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2014:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,889,024</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,501,020</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,494,540</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 3/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,330,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,345,860</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,874,475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,758,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,490</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/27 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,927,297</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,545</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/28 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,979,014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,110</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/29 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,481,894</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Tender Option Bond Trust 2015-XF0111, 9.789%, <br>
8/01/17 &#8211; AGM Insured (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,547,832</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,295</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,150,094</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C, 5.000%, 7/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,099,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,002,660</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 4.500%, 9/01/30 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,142,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,080</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/26 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,877,144</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,035,698</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,180,572</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.948%, 8/01/17 (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,254,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="25f4aae1f8ff48b3b5ebac5f77161533" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="304e677a7eda4a6b9bae75581e026531" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 62.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 24.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 62.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 24.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b04486d098f14dfa98582ce46e106f03" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 18px;">
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,870</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,275,990</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,687,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,280</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.400%, 8/01/47 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/37 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,548,913</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,845</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/50 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/37 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32,801,105</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,307,969</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,852,850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,905</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">West Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,015,824</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,345</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,079,435</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,812,440</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,172,520</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">280,550</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">255,938,414</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 39.9% (28.5% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,029,340</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">655</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">736,829</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000,630</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,895</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,927,922</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,215</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/19 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,220,091</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,535</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/20 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,541,416</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,615</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/21 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,621,751</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,695</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/22 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,702,085</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,780</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,787,440</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/24 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,872,796</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,453,550</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,790</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,279,338</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,065</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,414,584</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,860</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home &#8211; Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,881,919</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,330</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,756,824</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,990</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,313,455</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="81a480bf882f431c9e47c66d69a176e6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,838,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,398,620</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,020</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 101.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,105,708</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,312,484</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 8/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">579,698</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,145</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2002A, 5.125%, 11/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,150,378</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,185</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 1/01/21 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,213,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 1/01/34 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,017,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">351,537</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,168,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37,838,125</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,824,425</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">425</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">425,344</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,345</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/37 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,405,812</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,755,896</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,115</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,344,964</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,985</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/24 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,039,270</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">710</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/25 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">727,977</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">75</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">76,303</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 9/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">177,524</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,140</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 9/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,248,380</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,105</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,300,912</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,375</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,521,025</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain House &#8211; Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013, 6.000%, 9/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,369,180</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="4c7576eb36e242d2823eedb622fbd11b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 16px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e068e67e54cb4e8eaf6c3f37779a0d09" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 21.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 21.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9a10997123434a089098f98de0a27288" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,505</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">4.750%, 8/01/23 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,559,509</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,425</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">4.750%, 8/01/27 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,474,931</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore Redevelopment Project Area, Series 2001A, 5.000%, <br>
8/01/26 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,520,755</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, <br>
9/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,202,194</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,509,990</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">596,776</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,270</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,732,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,240,724</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">215,125</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78,816</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,810</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration Building Projects, Series 2008B, 5.000%, 8/01/21 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,089,005</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pacifica, California, Certificates of Participation, Series 2008, 5.375%, <br>
1/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,378,771</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.000%, 4/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,020,150</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">664,056</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,212,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,420</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,810,222</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,288,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/44 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">817,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/45 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,110,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">241,366</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,252,736</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49,922</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">660</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">726,964</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,924,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 1, Series 2004, 5.000%, 9/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,003,910</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,475</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 9/01/33 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,568,304</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a0c11781b2de4cd9836138e544a5bd7e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a4c59d6871884e36ae3e61a49537a110" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,513,245</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">446,104</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,280</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,413,824</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,565</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,825,809</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,630</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,630,736</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">215</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">244,300</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,144,620</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,485,964</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">690</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">754,080</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,175,687</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.200%, 4/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,257,820</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,252</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,239</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">48,319</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">380</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">424,205</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jacinto Unified School District, Riverside County, California, Certificates of Participation, Series 2010, 5.375%, 9/01/40 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,870,588</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/19 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,016,840</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">379,476</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,323,240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,025</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/28 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,044,648</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">106,202</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,110</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,177,865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,082,160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59,665</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500,315</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="68353a002f554423aba6b8cbdab114b3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="ac28ff5a6962439290cd85b31fe6a0e5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 20.46%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 66.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 20.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c3183b577fbf410a84b3b397f2e8c857" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Sweetwater Union High School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2005A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,565</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/25 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,578,939</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,510</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/28 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,531,544</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,983,665</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.125%, 8/01/27 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,175,293</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,205</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/30 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,373,387</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/39 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,711,923</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,968,630</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,020</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,070,898</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">366,300</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">790</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">818,796</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,235</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 102.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,730,156</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,009,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">116,121</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">295,340</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">307,571,028</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 6.2% (4.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,295,730</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,053,898</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,885</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,429,888</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,885</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,516,817</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">182,192</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,270</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,513,599</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,345</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/36</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,593,327</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40,400</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">47,585,451</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 11.7% (8.4% of Total Investments) (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,425</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2006B, 5.250%, 8/01/30 <br>
(Pre-refunded 8/01/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,455,467</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">220</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">299,594</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">783,401</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,575</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada Methodist Homes, Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600,783</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, <br>
7/01/22 &#8211; AGM Insured (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,707,280</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="90f2b1a69de14ea1b9cf7b409b02a667" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a9516c434f124a518ba6ac4c1ec29547" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (5) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/28 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,976,503</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">83,558</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,112</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33 (Pre-refunded 3/01/18) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,307,823</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,815</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,932,013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,223,450</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,020,320</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">550</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993, 5.625%, 3/01/18 &#8211; AMBAC Insured (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">564,944</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,430</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 (Pre-refunded 8/01/16) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,458,872</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,050</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa1 (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,308,623</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 7/15/37 (Pre-refunded 7/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,313,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 (Pre-refunded 6/01/16) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,074,520</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,385</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,391,025</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,599,660</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 (Pre-refunded 4/01/16) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,021,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+ (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">862,083</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">540</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">617,674</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,342,050</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350,776</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,230</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/42 (Pre-refunded 8/01/21) &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 21.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,399,294</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/43 (Pre-refunded 8/01/21) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 19.43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,923,856</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,225</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/44 (Pre-refunded 8/01/21) &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 17.98</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,518,256</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,550</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/45 (Pre-refunded 8/01/21) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 16.64</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,924,668</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,425</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/46 (Pre-refunded 8/01/21) &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 15.39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,323,071</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,085</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 <br>
(Pre-refunded 8/01/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+ (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,762,741</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37 (Pre-refunded 7/01/17)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A (5)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,128,680</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">146,232</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">90,276,535</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="d8d7381c21794aed9c4588a0adf6fec2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">43</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="972fbf42b09246858d01b5c349ef011d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="WIDTH: 57.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California AMT-Free Municipal Income Fund</div>
</td>
<td style="WIDTH: 28.85%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 57.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 28.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="bc6492284c164374a8e7b66f8bc1b4e6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 4.2% (3.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,490</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/15/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,924,630</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,835</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/15/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,308,981</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,555,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,280</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,227,421</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047,18.109%, 7/01/20 (IF) (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,083,850</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,148,020</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,975</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,498,541</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,330</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32,747,343</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 15.7% (11.2% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,997,016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,670,948</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,291,840</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/21/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,488,408</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,230,460</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,443,820</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,297,745</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,694,559</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,515</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,275,421</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,210,285</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,364,760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,125,485</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,774,890</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,018,346</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3b189cd222014a3bbfe41fa45b29d368" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">44</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="01a9db8e24484425be43b8ac005120b3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,527,075</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,984,075</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2008A, 5.000%, 5/01/38 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,763,470</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">107,935</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Water and Sewer</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">121,158,603</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,108,062</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Term Investments (cost $954,948,829)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,079,765,036</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (0.1)%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(390,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Institutional MuniFund Term Preferred Shares, at Liquidation Preference &#8211; (4.7)% (7)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(36,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Variable Rate Demand Preferred Shares, at Liquidation Preference &#8211; (37.8)% (8)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(291,600,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 2.6%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,691,253</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="PADDING-BOTTOM: 2px; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">771,466,289</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="e78e147287094684a192721039ddbc17" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 16px;">
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(7)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 3.3%.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(8)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 27.0%.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(ETM)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Escrowed to maturity.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(IF)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inverse floating rate investment.</div>
</td>
</tr><tr>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(UB)</div>
</td>
<td style="WIDTH: 93.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="8445cc95fc1e4fe7a9012e3461de8627" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 16px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45</div>
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</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
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</div>
</div>

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<tr>
<td style="WIDTH: 13.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 60.67%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25.48%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 60.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 25.48%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 60.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
</td>
<td style="WIDTH: 25.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="f58dd0c0dbaa406cba375d2512290b36" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 142.3% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 142.3% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 7.8% (5.5% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,305</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,338,017</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.600%, 6/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,871,731</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,060</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.650%, 6/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,075,150</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,855</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">4.250%, 6/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,855,260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,735</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 6/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,668,928</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,995</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,995,839</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,265</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,353,241</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 15.78</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,706,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,375</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,694,748</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,775</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 6/01/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,185,759</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,075</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 6/01/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,555,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45,585</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">43,029,046</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.375%, 6/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,112,060</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200,588</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B+</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,909,120</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">161,615</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">134,551,717</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 3.8% (2.7% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,225</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,497,807</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,071,400</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,075</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,567,831</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">605</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">607,009</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,165</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,647,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 (UB)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,522,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 17.981%, 10/01/38 (IF) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,491,493</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">965</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bank, Revenue Bonds, Academy of Motion Picture Arts and Sciences Obligated Group, Series 2015A, 4.000%, 11/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">997,106</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="4ec57641adcc467b94323375054ce5a6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">46</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e853e9ffa22947c1ad3e9abfc9aae201" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>

&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,751,289</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,642,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,095,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,862,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, California State University Projects, Series 1997C, 5.400%, 10/01/22</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,026,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,071,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,930,850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,112,423</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,849,110</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,815</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 &#8211; Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,192,629</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59,590</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65,937,052</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 23.6% (16.6% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,705</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,223,774</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,313,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">715</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">828,192</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,135</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,953,827</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,405</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,334,556</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,848,935</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,442,838</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,135</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,640,049</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,097,264</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,420</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital &#8211; San Diego, Series 2011, 5.250%, 8/15/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,213,063</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,431,580</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,469,313</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 8/15/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,965,630</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,530</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 8/15/42 (UB)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,840,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49,980</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">51,491,895</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="0b2850adcd124201bd7bfef973a1c714" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">47</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="2ac64624f1b441219e0b68852da137c8" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 10.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 62.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 10.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 62.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="0e6ccb81ef8747848c5f0ae8921afdc8" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,795</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,181,521</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 2/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,330,994</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,550</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 2/01/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,681,983</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,299,204</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/26 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,449,520</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,335</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,512,208</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,090</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,005,693</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 &#8211; AGM Insured (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,144,756</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,125</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,698,662</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,440</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,490,702</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/24 (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,367,222</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,405</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/30 (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,404,482</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/35 (5)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">149,246</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 7/01/39 (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,950,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,283,941</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,385</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,904,394</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/15/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">211,094</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,470</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/15/38 &#8211; AMBAC Insured (UB) (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,439,061</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2008B, 5.250%, 11/15/48</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,416,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,565</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.123%, 11/15/46 (IF) (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,117,137</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,615</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,643,028</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Madera County, California, Certificates of Participation, Valley Children's Hospital Project, Series 1995, 5.750%, 3/15/28 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,223,188</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,592,782</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">781,262</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.625%, 11/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,745,720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,885</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.750%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,718,774</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,035</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,865,540</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="cf8e2d8a238c4f08aa9d7977218835d3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">48</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="4a4c56594a344279961c932c6fc628b5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,225</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,770,688</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,403,150</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 101.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,717,208</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,700</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,434,791</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">371,615</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">407,029,477</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.6% (1.2% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,965</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,901,394</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,540</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 8/15/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,235,333</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,580</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,010,567</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,980</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,463,922</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">590</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">666,423</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,590</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,790,117</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,230</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,327,859</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,475</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,395,615</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 1.4% (1.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,790</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.625%, 8/01/26 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,803,768</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,870</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,947,141</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,395</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.744%, 2/01/29 (Alternative Minimum Tax) (IF)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,429,368</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,055</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Single Family</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,180,277</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrials &#8211; 0.2% (0.2% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,055</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,280,904</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,120</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (6)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,360</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,175</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Industrials</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,296,264</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Long-Term Care &#8211; 0.5% (0.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,144,920</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175,781</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,175</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total-Long Term Care</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.29%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,320,701</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e245120adb7e4828a6a120f6915cdf69" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="0799bb8477b84c12a84d004355a42ba4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9b3c557872be43f5bdc8246c79bd54f8" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48.26%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 35.8% (25.1% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,400,650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,650,310</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,325</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/30 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 50.16</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,155,014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,570,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,245</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,172,368</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2014:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,690</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,642,539</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,771,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,356,920</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,719,670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">938,527</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,875</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,436,401</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,550,314</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,875,333</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140,661</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33 California State, General Obligation Bonds, Various Purpose Series 2009:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,469,376</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">64,195</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">75,459,294</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,005</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,742,737</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2010:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 3/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,626,400</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 3/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,173,992</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,605</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 11/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,382,292</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2011:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,215</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 10/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,621,709</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,520</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,349,323</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,725</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,662,763</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,915</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,218,473</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2013:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,475</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,724,222</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,255</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,346,442</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,145</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 4/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,473,392</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,825,850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2014:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22,970</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,358,419</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,463,904</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,245</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 12/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,953,661</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 3/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,079,375</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,606,605</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,550</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Centinela Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.250%, 2/01/26 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,229,328</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,074,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e260a33efa9c4fff9a6a3393aa0c8e3c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9ca74b2ac7ef47809eae3469a41a365b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Desert Community College District, Riverside County, California, General Obligation Bonds,</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Refunding Series 2016:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,430</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/26 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,738,194</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,235</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/26 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,081,723</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hacienda La Puente Unified School District Facilities Financing Authority, California, General Obligation Revenue Bonds, Series 2007, 5.000%, <br>
8/01/26 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,452,384</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,630</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,404,348</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,335</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community College District, California, General Obligation Bonds, Series 2015A, 5.000%, 8/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,658,861</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014C:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,099,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,113,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/27 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,018,174</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,765</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B, 0.000%, 8/01/27 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,987,307</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,815</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, <br>
8/01/51 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/37 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">946,268</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,406,363</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,575</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/22 at 103.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,191,996</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,841,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,609,370</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,748,880</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,567,105</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,850</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 17.948%, 8/01/17 (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,780,772</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,970</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/27 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,629,889</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,821,192</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,175</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2000, Series 2004, 0.000%, 8/01/25 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,297,499</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,245</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,132,139</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,983,980</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,745,686</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,814,354</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3ea90cdc0941466b97329d4bc0c645b2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">51</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="07310c0a1c26415ca3f4d30372ab1778" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 58.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 58.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="94456be790a642df8c4bd131b9f71753" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,418,319</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,106,650</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2012C, 5.000%, 8/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,319,023</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140,160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">85,312,586</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,400</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,814,048</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">659,030</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">617,265,794</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 30.9% (21.7% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,655</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,591,150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,370</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,374,381</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Series 2013G:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,084,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,208,470</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,169,910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,395</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,327,101</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,181,940</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Yuba City Courthouse, Series 2013D, 5.000%, 6/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,171,430</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,436,005</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,860</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,227,267</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,075,537</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,950</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,488,668</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,504,170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,905</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,391,791</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,205</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 101.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,295,958</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Commerce Community Development Commission, California, Tax Allocation Bonds, Merged Area Development Projects 2 &amp; 3, Refunding Series 1998A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.650%, 8/01/18</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">471,227</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,765</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.700%, 8/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,768,705</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 &amp; 3, Refunding Series 2003A, 5.000%, <br>
8/01/28 &#8211; RAAI Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,488,064</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,265,768</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ca716a3be61d4d7ca9d4bceaff61062d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,595</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,601,747</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,655</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,684,215</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,555</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana, California, Special Tax Bonds, Community Facilities District 2 Heritage Village, Refunding Series 1998A, 5.250%, 9/01/17 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,595,601</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,115,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,168,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">75,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">86,569,050</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/15/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,941,475</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/15/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,298,360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/25 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,752,678</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,690</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/35 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,695,419</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,549,320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 &#8211; BAM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,752,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,989,285</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,502,895</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,435</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/24 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,501,573</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,075</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/25 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,127,539</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500,621</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,395</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 9/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,443,956</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">629,762</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,245,420</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,220</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,434,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,955</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,165,378</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">675</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">683,735</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,820</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, <br>
9/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,845,255</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,080</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,837,784</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 6.750%, 9/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,044,169</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Modesto, California, Special Tax Bonds, Community Facilities District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,184,943</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 29px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,005,371</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="7c167a875aeb4b908512c0367f1d3960" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="a2acedd6b7244501948e8c6a8109c7bb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="239b95e765b44d9db43ce31bae65aa41" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.500%, 8/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,112,680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,762,270</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,107,330</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.875%, 3/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,394,780</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 3/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,755,420</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,210</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,467,186</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">695</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">698,037</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37,326,884</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,208,898</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2004, 5.000%, <br>
12/01/24 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,003,910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,505,194</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,505</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,428,643</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,635</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,506,154</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,990</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,009,778</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, <br>
8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,855,363</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,655</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,106,284</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,505,491</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/17 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,506,180</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,506,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,375</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,963,533</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">705</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">879,882</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,885</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,332,637</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">555</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">616,117</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">710</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">769,910</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,557</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,540</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,716,611</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,645</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch, Series 2005, 5.050%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,668,355</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b95a863c90664ae389bc3f35b44f07be" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">54</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a6714053b98141769f6c98de04a32411" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">385</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">432,236</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,690</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.400%, 11/01/20 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,471,919</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">855</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.400%, 11/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">944,390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A, 0.000%, 12/01/31 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,257,855</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">475</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">539,733</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,135</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,443,764</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,868,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,535</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,677,555</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,289,460</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">575</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">694,836</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">575</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">694,583</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">715</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">863,699</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">255</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">284,664</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,435</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,474,721</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,116,713</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">695</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/19 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">736,881</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/21 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">962,962</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,365</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,438,847</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,765</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,810,374</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">370</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">4.360%, 8/01/16 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">371,306</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">4.440%, 8/01/17 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">702,478</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/27 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,004,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,336,444</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,710</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,997,969</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,825</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B, 6.250%, 8/01/20</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,027,411</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,860</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,641,941</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,770</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,781,274</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="6d7ef2bff260443abd26b57ebf8edd6c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">55</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="bb31f7d50bd54eaf98ee2b976a9cca8b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 58.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a85cd9b8e0fb4c2ca03375c1189af16b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/17 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,679,298</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,695</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,726,639</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/21 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,517,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/23 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,873,342</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">960</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,145,568</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,360</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.450%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,369,679</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,315</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 9/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,317,847</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,310</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,636,753</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2002-1 Improvement Area 1, Series 2012, 5.000%, 9/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,471,001</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,496,352</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,246,640</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,870</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,875,908</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,620</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,788,707</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,855,847</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,841,400</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,280</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">William S Hart School Financing Authority, California, Refunding Revenue Bonds, Series 2013, 5.000%, 9/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,435,366</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,057,315</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">810</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.500%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">986,386</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">492,210</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">532,315,710</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 8.6% (6.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,715</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,038,055</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,060</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,969,140</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,235</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,917,188</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,235</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,111,280</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,410,864</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40 (UB) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,417,163</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="bd280b5235e140ab94b7372cc7de35d0" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5a8b38ab2d7f420e84785df169d4a335" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,020,069</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 13px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,805</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/33 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,426,623</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/36 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,151,190</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,335</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/41 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,902,517</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,153,480</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,575</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,854,011</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,306,960</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">120,492</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,153,060</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,340</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,225,571</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,180</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,323,488</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,550</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,040,945</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,140,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,465</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 &#8211; AGM Insured (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,476,807</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">127,430</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">148,159,703</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 13.7% (9.6% of Total Investments) (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,148,397</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,540</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,544,317</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 &#8211; FGIC Insured (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,869</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/27 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3 (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,008,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,360</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, <br>
7/01/23 &#8211; AGM Insured (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,714,097</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3 (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,251,820</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,960</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 2/01/27 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,091,631</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 2/01/46 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">903,467</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,025</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,091,248</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,235</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33 (Pre-refunded 3/01//18) (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,974,484</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,092,379</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="f1bc141f327f40dbaaeebe17a446c936" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (7) </font>(continued)</div>
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<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,010</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,417,588</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 (Pre-refunded 9/01/16) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,145,140</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,425</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa1 (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,991,641</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,300</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,381,352</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 (Pre-refunded 10/01/16) &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,132,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 (Pre-refunded 6/01/16) &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,654,836</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,770</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26 (Pre-refunded 9/01/16) &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,812,551</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/36 (Pre-refunded 9/01/16) &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,962,785</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,135</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,148,637</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">323,846</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) &#8211; RAAI Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,064,570</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+ (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,506,154</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,589,475</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,380</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 11738, 18.266%, 8/01/29 (Pre-refunded 2/01/19) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,884,032</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,510</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.111%, 2/01/35 (Pre-refunded 2/01/19) (IF) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,181,950</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,622,485</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">905</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 &#8211; NPFG Insured (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,167,767</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,065</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/22 (Pre-refunded 9/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,090,762</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,120</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/23 (Pre-refunded 9/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,147,093</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,170</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/24 (Pre-refunded 9/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,198,302</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,070</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,237,669</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,449,972</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 &#8211; FGIC Insured (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,525,218</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, 300 Richards Boulevard Building Acquisition, Series 2006C, 5.000%, 12/01/36 (Pre-refunded 12/01/16) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+ (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,930,066</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="0e55ba628d73442a8a90b8ca4329b731" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">58</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a85d751230524be39886f028fb69995e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (7) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,024,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 5/15/25 (Pre-refunded 5/15/20)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,387,711</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 5/15/26 (Pre-refunded 5/15/20)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,009,260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,806,206</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 <br>
(Pre-refunded 8/01/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+ (7)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,910,300</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">207,055</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">235,536,347</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 3.0% (2.1% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,735</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,735,516</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,970</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/15/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,361,164</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/15/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,575,663</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,043,736</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,941,916</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,636,720</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 18.109%, 7/01/20 (IF) (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,867,080</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 1186, 17.519%, 8/15/41 (IF) (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,074,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,565</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/35</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,855,214</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,475</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52,091,009</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 11.4% (8.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,010</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,630,512</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,094,943</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,714,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,020</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,111,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,925</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/37 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,303,684</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,420</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,783,384</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175,737</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">385</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">386,586</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="7bd048025f324302b265e0ebad25508b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.25%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="6437154fe7a5449a968d953186276a1a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="WIDTH: 58.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund</div>
</td>
<td style="WIDTH: 27.53%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 58.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.53%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ae4c590b700845c5994554399c03a4fd" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 18.411%, 8/01/33 &#8211; AGM Insured (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,693,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,460,920</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,821,655</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,659,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,950</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,211,417</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 2015-XF0072, 14.573%, 1/01/30 (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,361,760</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">765,915</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,430</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 7/01/39 (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,112,259</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 7/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,284,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,710</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,833,388</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,570</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,921,523</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,485</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 6/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,750,384</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,705</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,042,301</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,366,520</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,018,346</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,563,175</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,525</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Crossover Refunding Series 2001, 5.500%, 12/01/20 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,062,926</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,580,890</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 5/15/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,152,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,170</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 5/15/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,436,867</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,580</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/41 (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,466,662</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">18.203%, 11/01/28 (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,403,910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">18.103%, 11/01/43 (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,219,770</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,548,670</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,882,464</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ffebe82a862f47d69f9160cadd3706bc" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">60</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ac8242914a9e4de2b06e9155160d3107" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">West Basin Municipal Water District, California, Certificates of Participation, Refunding Series 2008B, 5.000%, 8/01/28 &#8211; AGC Insured</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,402,240</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">168,930</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Water and Sewer</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">196,224,058</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 18px;">
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,355,830</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Term Investments (cost $2,174,696,806)</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,454,303,724</div>
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</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (4.7)%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(81,490,000</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">)&#160;</td>
</tr><tr style="HEIGHT: 16px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Variable Rate Demand Preferred Shares, at Liquidation Preference &#8211; (40.6)% (8)</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(699,600,000</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">)&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 3.0%</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">51,531,846</div>
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</tr><tr>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,724,745,570</div>
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<table border="0" cellpadding="0" cellspacing="0" id="3b8919362187443aa4900b7f6e2e2ad0" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.</div>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(7)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(8)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 28.5%.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(ETM)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Escrowed to maturity.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(IF)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inverse floating rate investment.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(UB)</div>
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<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.</div>
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<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">See accompanying notes to financial statements.</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">61</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NVX</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 2</div>
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<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 140.1% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 16px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 140.1% (100.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 8.1% (5.8% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 25px;">
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.600%, 6/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,005,360</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.650%, 6/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,002,320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">255</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">255,036</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,995</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,995,419</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,770</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,578,258</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 6/01/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,839,774</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,660</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,454,784</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,720</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,130,951</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 2.7% (1.9% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,992,633</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">555</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">647,419</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,862,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">850</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">958,545</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,680</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,461,222</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 15.8% (11.3% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">570</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">660,237</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">395</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">453,006</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">435</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">505,079</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">855</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">978,736</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">895</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital &#8211; San Diego, Series 2011, 5.250%, 8/15/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,005,559</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,545,375</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,470</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,553,116</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/26 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,532,531</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,642,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="da748119426c4a898decf31f0ee3bb6c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">62</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="21c1c8063c854f64b0aaf6190b77fe51" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,245</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/35 (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,218,618</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">425</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">432,098</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,035</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2004D, 5.050%, 8/15/38 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,102,203</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,802,121</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">455</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">480,371</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,677,960</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,125,008</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,785</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,968,269</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,250</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,758,050</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34,725</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37,440,737</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.4% (1.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,280</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,413,696</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">410</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">459,311</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">940</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,092,647</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">90,362</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">220</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">247,689</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,930</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,303,705</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 3.1% (2.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2006M, 4.650%, 8/01/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,777,483</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,490</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,513,602</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,265</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Single Family</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,291,085</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrials &#8211; 0.0% (0.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,175</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,525</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 32.8% (23.4% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,300</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,581,801</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,812,400</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">675</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">806,807</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,391,420</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b6cad165af1d460b8956294d5a89b6d3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">63</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="684422d272a54bd69dbcf6b37c84feb7" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="WIDTH: 59.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 2</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5aba7664f39e48339a1e7c6b45c3b279" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,914,480</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2010:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 3/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,375,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 11/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,167,590</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2011:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,850</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 10/01/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,795,605</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,650,244</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,190</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,528,224</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2013:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,876,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 11/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,609,981</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2014:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,382,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,815</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,116,399</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32,730</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,643,535</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,285</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 7/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,467,033</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,265</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,327,010</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,330</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,791,157</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,779,840</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,087,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,425</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Joaquin Delta Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,714,432</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,828,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,169,140</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,876,032</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">117,355</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">77,692,180</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 25.7% (18.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,453,549</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,525</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,114,133</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,770</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,378,440</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,520</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E, 5.000%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,275,428</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">960</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">964,214</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,466,099</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,353,180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,859,184</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="8970366e0fe84e95b17b518d304059e6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">64</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<table border="0" cellpadding="0" cellspacing="0" id="7479705bae404f9db87ddc7eefcc3c4e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 12px;">
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 &#8211; BAM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,651,740</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">870</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, <br>
5/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">895,561</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">205</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">208,561</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">470</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 9/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">476,777</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,106,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">415</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">420,370</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, <br>
9/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">801,576</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,551,380</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">932,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">475</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">601,084</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">175</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">212,196</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">195</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">215,818</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,319,234</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,075</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,197,658</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,275</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">967,919</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">550</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">632,148</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">124,806</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">225</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">249,467</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Buenaventura Redevelopment Agency, California, Merged Project Areas Tax Allocation Bonds, Series 2008:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.750%, 8/01/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 102.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,047,410</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,325</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">8.000%, 8/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 102.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,389,991</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">60</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">68,177</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">990</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego, California, Special Tax Bonds, Community Facilities District 4 Black Mountain Ranch Villages, Series 2008A, 6.000%, 9/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,023,056</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">229,503</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">96,673</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b711de53efee4ef0be32be06688ca53d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65</div>
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</tr></table>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e1f45d5ad5f64f8e8c57fc0e602c79bb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="WIDTH: 59.79%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 2</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.79%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<table border="0" cellpadding="0" cellspacing="0" id="c10cd5d9ac874bac945439593270db8a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">85</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">102,677</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">105</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">126,837</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">995</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,048,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,168,222</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">765</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">811,772</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">140</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">167,062</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">930</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">931,144</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">240</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">292,262</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59,220</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">60,932,963</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 15.3% (10.9% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,324,180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,240</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,672,701</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,940</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,784,592</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,935</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,807,557</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">870</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,025,965</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,810</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/33 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,432,440</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/36 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,151,190</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 8/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,613,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,545</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,781,478</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/01/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,139,680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,153,390</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,431,600</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,340</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,318,693</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 11.4% (8.1% of Total Investments) (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,930</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,938,415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,430</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.558%, 10/01/32 (Pre-refunded 4/01/18) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,947,360</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,745</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,822,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="384f02e7d1a8447fa19e3984c3a597e3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">66</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a38d58e0f40f41f1ad6e1ee82fb23c1b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (6) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,225</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,368,446</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,945</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.404%, 3/01/33 <br>
(Pre-refunded 3/01/18) (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,463,615</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,400</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 (Pre-refunded 8/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,428,448</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,785</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Hawthorne Community Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2006, 5.250%, 9/01/36 <br>
(Pre-refunded 3/01/16) &#8211; SYNCORA GTY Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,830,161</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">545</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">547,371</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">205</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">207,464</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+ (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,268,640</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,085</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,528,746</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">C (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,637,480</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 (Pre-refunded 6/01/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (6)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">759,315</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">825</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (6)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">890,431</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,315</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">University of California, Limited Project Revenue Bonds, Series 2007D, 5.000%, 5/15/41 (Pre-refunded 5/15/16) &#8211; FGIC Insured</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 101.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211; (6)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,341,695</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,185</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,980,187</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 10.7% (7.7% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,355</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,766,065</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,178,256</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project Series 2014A, 5.000%, 7/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,758,450</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,756,360</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,855</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,459,131</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 13.1% (9.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,240</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,723,914</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,722,644</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,265</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,895,964</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,890</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,210,943</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="73298fe3827f48b784971f11f483fc5b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">67</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="0c8adf9af0e4483398a50807c87d6d9d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="WIDTH: 59.79%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 2</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.79%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.03%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="3c668d09dc2f499b9d2e224187b47d1f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,183,260</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.827%, 7/01/35 (IF) (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,763,107</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,825</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,594,366</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,780</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Water and Sewer</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,094,198</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">354,230</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Term Investments (cost $301,835,208)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">332,114,577</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (0.4)%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(965,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Variable Rate Demand Preferred Shares, at Liquidation Preference &#8211; (41.3)% (8)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(98,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">)</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 1.6%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,948,512</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">237,098,089</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="f39990cc64324101ae0c91e4fe462d96" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(7)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(8)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 29.5%.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(ETM)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Escrowed to maturity.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(IF)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inverse floating rate investment.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(UB)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.</div>
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<td style="WIDTH: 8.75%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 91.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">See accompanying notes to financial statements.</div>
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<table border="0" cellpadding="0" cellspacing="0" id="cf058fb47ec04667a8548c4c76d65879" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">68</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NZH</div>
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<td style="WIDTH: 61.78%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25.54%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 61.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
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<td style="WIDTH: 25.54%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 13.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 61.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Portfolio of Investments</div>
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<td style="WIDTH: 25.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 140.2% (100.0% of Total Investments)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 140.2% (100.0% of Total Investments)</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consumer Staples &#8211; 9.6% (6.9% of Total Investments)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/18 at 100.00</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,502,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">415,058</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 15.78</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,706,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:</div>
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<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,685</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,836,401</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,625</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 6/01/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,405,381</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,265</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,913,721</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">B+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">954,560</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">58,490</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Consumer Staples</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34,734,271</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 3.3% (2.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">135</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">135,448</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,641,356</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">850</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/22 at 102.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">991,542</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,558,510</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,112,423</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,300</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,466,010</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,195</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Education and Civic Organizations</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,905,289</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care &#8211; 27.2% (19.4% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,640</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2014A, 5.000%, 8/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,429,713</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,215</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,408,744</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">610</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,579</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">670</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014A, 5.000%, 10/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">777,937</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,320</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services, Series 2014B, 5.000%, 10/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,511,030</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,445</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital &#8211; San Diego, Series 2011, 5.250%, 8/15/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,623,501</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a533453b756946e18542883e155f8b10" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 17px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">69</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="dcfeee3810e94af48816fde30b640f4c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="WIDTH: 59.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 12px;">
<td style="WIDTH: 13.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
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<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Health Care </font>(continued)</div>
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<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,765</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,018,913</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 17px;">
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,238,330</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,735</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0061, 19.034%, 5/15/16 (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,186,599</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,615</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,710,430</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,045</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A, 5.000%, 3/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/26 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,231,919</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,335</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,512,208</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,138,250</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,594</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.712%, 7/01/47 &#8211; AGM Insured (IF)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,026,868</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,875</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,630,298</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Insured Series 2008K, 5.500%, <br>
7/01/41 &#8211; AGC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,727,745</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/30 (4)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,499,755</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,330</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 7/01/35 (4)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">CCC</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,318,280</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">645</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">655,772</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,860</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/18 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,268,079</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.123%, 11/15/46 (IF) (5)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,277,320</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,418,520</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">695</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">733,753</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,121,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,650</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ba1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,167,982</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,790</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/38</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,973,427</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,400</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,167,720</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,760</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2013J, 5.250%, 5/15/31</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,566,487</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">87,124</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Health Care</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,040,259</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="303ecb49b375404999aaba4e4ccff8de" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">70</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<table border="0" cellpadding="0" cellspacing="0" id="d3167e068e8c462c881ef2794dfdac1f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Multifamily &#8211; 1.4% (1.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,970</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,175,767</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,020</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,262,945</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">125</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">141,191</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">340</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 8/15/49</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">382,792</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,455</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Multifamily</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,962,695</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Housing/Single Family &#8211; 3.9% (2.8% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,180</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">9.367%, 8/01/25 (Alternative Minimum Tax) (IF)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,190,893</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,805</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">9.744%, 2/01/29 (Alternative Minimum Tax) (IF)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,859,602</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,985</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Housing/Single Family</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,050,495</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Industrials &#8211; 0.0% (0.0% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,205</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (6)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,615</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 18.7% (13.3% of Total Investments)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Refunding Various Purpose Series 2013:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,507,401</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,710</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 2/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,021,870</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Refunding Series 2015:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,765,101</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,978,550</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2009:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 11/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,573,429</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,015,900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2010:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,960</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 3/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,270,307</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 11/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,167,590</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2011:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,770</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 10/01/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,115,097</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,695,560</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,315</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">5.000%, 10/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,981,409</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 2/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,851,291</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,465</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,876,951</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,565</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 8/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,835,635</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 &#8211; NPFG Insured (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,048</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,980</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Desert Community College District, Riverside County, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/26 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,385,524</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,120</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,260,101</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,385</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,123,346</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,669,760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="500241bdb94744ef816c3ab6e4a2e782" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">71</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e81625a3de724025a698c1c3d46f2de7" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 17px;">
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="WIDTH: 60.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 60.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="20b46de405a6434485fe9d750c5789c7" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.32%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/General </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,115</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aaa</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,474,275</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,530</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 &#8211; AGM Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/37 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,669,587</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,535</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/38</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,860,681</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,750</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.500%, 8/01/40</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Aa3</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,106,650</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">59,395</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/General</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">67,221,063</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 37.5% (26.7% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,680</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19A, Series 2015B, 5.000%, 9/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,876,022</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Series 2013G:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,690</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,924,161</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,135</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,567,494</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp; Rehabilitation, Various Correctional Facilities Series 2013F:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,685</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,034,890</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,450</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,735,592</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,167,700</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,658,867</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,160</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 101.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,221,301</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,445</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,451,344</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,059,107</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,225</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,794,503</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,310</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, <br>
5/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,348,488</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">330</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">335,732</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">760</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.125%, 9/01/36</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">770,959</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">680</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2006, 5.125%, 9/01/35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">688,799</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,310</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, <br>
9/01/37 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,312,581</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,615</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,005,080</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">725</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">917,444</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">270</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">327,389</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.19%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,165</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Refunding Series 2002, 5.100%, 4/01/30 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,205,752</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.96%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="df0798867675451787cedca5bfe86a7b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">72</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e9ec76a9f54a47da90da55783f180149" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">290</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">320,960</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.250%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,995,480</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 9/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,793,701</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,630</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,635,786</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,262,415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/44 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,634,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,025</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">0.000%, 8/01/45 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,546,356</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,149,985</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">994,196</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,375</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,963,533</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">155</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">193,449</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">990</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,106,642</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,615</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 9/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/22 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,866,406</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015, 5.000%, 9/01/37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">388,059</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">113,628</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,775,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">330</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,647</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">151,051</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/33</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">150,996</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">7.000%, 8/01/41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2/21 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">193,275</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,581,150</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,230,922</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">215</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">256,560</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,710</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2005A, 5.000%, <br>
8/15/32 &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,737,785</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="324fd9b99f9a4dafb50f7464e7dd1d07" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">73</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="47d61a19d7004344bc80172090c230c7" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="2b96c8840e8943ffa6c077081ae26c15" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Obligation/Limited </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 9/01/34 &#8211; FGIC Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500,135</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,418,141</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,165</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,455,586</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,500</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.250%, 11/01/39</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,762,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 11/01/45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,738,900</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">370</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">450,571</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">138,475</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Tax Obligation/Limited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">135,131,720</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transportation &#8211; 12.6% (9.0% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,705</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,305,543</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,425</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,086,607</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,560</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.750%, 1/15/46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,852,533</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,555</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">6.000%, 1/15/53</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,890,800</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">865</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/31 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,020,069</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,805</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/33 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,426,623</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 5/15/36 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/25 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,151,190</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,160</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/34</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,371,259</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,865</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/36</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,190,778</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,610</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 8/01/44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/24 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,317,543</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,350</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,709,691</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A+</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,107,900</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,900</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Transportation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45,430,536</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 5.3% (3.8% of Total Investments) (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,690</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,697,368</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11/19 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A3 (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,251,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,435</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA+ (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,656,454</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">890</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) &#8211; NPFG Insured</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/16 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">893,872</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates, Series 2006B, 5.850%, 5/15/41 (Pre-refunded 5/15/16)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">328,907</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="48c08fb85752438eab8ee9a34f218930" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">74</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="ed02ce3e7937464c9fbb90b3a4770038" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Guaranteed (7) </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Lindsay Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2007, 5.000%, 8/01/37 (Pre-refunded 8/01/17) &#8211; RAAI Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,064,570</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,950</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BB+ (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,346,244</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,330</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/21 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,969,725</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,185</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9/18 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">BBB&#8211; (7)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,499,290</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,345</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211; AMBAC Insured</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12/17 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/R (7)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,451,672</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,150</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total U.S. Guaranteed</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,159,922</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Utilities &#8211; 5.9% (4.2% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,815</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,480,908</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,505</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/22 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,761,833</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,320</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Utilities</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,242,741</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer &#8211; 14.8% (10.6% of Total Investments)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/27</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,446,460</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,618,450</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 10/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,535,590</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,840</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Baa3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,656,374</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,152,300</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/20 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA&#8211;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,402,180</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 &#8211; AGM Insured</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10/16 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,148,873</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,355</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">No Opt. Call</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,760,955</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b5d75c7afb0844608bb6b5682555a55d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">75</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d8d8722099f4474d9b9387b46377cec3" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen California Dividend Advantage Municipal Fund 3</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 59.95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio of Investments </font>(continued)</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b230fc9b99674768bd7dfc9ee1e6b218" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional Call</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water and Sewer </font>(continued)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,470</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/24 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,055,467</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,245</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,472,063</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,355</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">5.000%, 6/01/35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6/23 at 100.00</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AA</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,311,992</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2015A, 5.000%, 7/01/40</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7/25 at 100.00</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">AAA</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,774,890</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45,890</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total Water and Sewer</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,335,594</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">497,584</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Long-Term Investments (cost $452,963,292)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">505,230,200</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (0.2)%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(845,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Variable Rate Demand Preferred Shares, at Liquidation Preference &#8211; (44.4)% (8)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(160,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">)</font></td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 4.4%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15,899,142</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.22%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">360,284,342</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b505dc722dfc434b90cb4b1eab7e54ec" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard &amp; Poor's Group ("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective July 1, 2016.</div>
</td>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.</div>
</td>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(7)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(8)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.7%.</div>
</td>
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<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(IF)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inverse floating rate investment.</div>
</td>
</tr><tr>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(UB)</div>
</td>
<td style="WIDTH: 92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">76</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of</div>
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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
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<td style="WIDTH: 20%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Assets and Liabilities</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 29, 2016</div>
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<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Free Income</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-term investments, at value (cost $245,270,711, $45,099,563 and $954,948,829, respectively)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">276,770,929</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,712,138</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,079,765,036</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,824,462</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">481,030</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Receivable for:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Common shares sold</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">185,022</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Interest</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,654,349</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">618,163</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,816,201</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Investments sold</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,083,258</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,130,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,392,134</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Deferred offering costs</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,626,873</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Other assets</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,867</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">461</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">330,740</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total assets</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">285,548,887</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,941,792</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,109,930,984</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash overdraft</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,424,942</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Floating rate obligations</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,490,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">390,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Payable for dividends</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">963,437</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">203,818</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,288,288</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Accrued expenses:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Management fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">114,798</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,095</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">531,198</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Directors/Trustees fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,874</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">244</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,634</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Professional fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,893</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,672</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,534</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">44,393</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,485</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">92,099</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,668,395</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">268,314</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">338,464,695</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,880,492</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,673,478</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">771,466,289</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares outstanding</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,499,126</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,288,461</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">47,708,456</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net asset value ("NAV") per common share outstanding</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.56</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.23</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.17</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net assets applicable to common shares consist of:</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares, $0.01 par value per share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">264,991</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32,885</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">477,085</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Paid-in surplus</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">250,922,912</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">46,977,517</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">640,399,730</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed (Over-distribution of) net investment income</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">568,478</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">751,985</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,026,162</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Accumulated net realized gain (loss)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,376,107</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">298,516</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,747,105</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net unrealized appreciation (depreciation)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,500,218</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,612,575</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">124,816,207</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,880,492</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,673,478</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">771,466,289</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Authorized shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Common</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">250,000,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Preferred</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">N/A &#8211; Fund is not authorized to issue Preferred shares.</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5b979599e282432bac19e528ddd8e16d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 11px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">77</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="4a11b2f542b04ef4a19520fdf888865d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of Assets and Liabilities </font>(continued)</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e871fe2cf2b14cd69af96e1045290f43" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-term investments, at value (cost $2,174,696,806, $301,835,208 and $452,963,292 respectively)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,454,303,724</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">332,114,577</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">505,230,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">552,063</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Receivable for:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Common shares sold</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Interest</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,817,757</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,186,775</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,806,442</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Investments sold</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,737,207</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,525,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Deferred offering costs</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,606,367</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">324,025</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">225,276</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Other assets</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">841,702</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">126,064</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">193,337</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total assets</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,522,306,757</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">337,313,504</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">526,980,255</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash overdraft</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,847,614</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,869,736</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Floating rate obligations</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">81,490,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">965,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">845,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Payable for dividends</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,788,718</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">980,144</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,581,603</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Accrued expenses:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Management fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,177,961</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">165,267</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">259,414</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Directors/Trustees fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">329,406</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">45,328</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">70,413</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Professional fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">43,372</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,413</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,011</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">284,116</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,263</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,736</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Total liabilities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">797,561,187</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100,215,415</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">166,695,913</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,724,745,570</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">237,098,089</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,284,342</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares outstanding</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">107,383,777</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,760,104</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,151,884</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net asset value ("NAV") per common share outstanding</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.92</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net assets applicable to common shares consist of:</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares, $0.01 par value per share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,073,838</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">147,601</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">241,519</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Paid-in surplus</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,454,675,843</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">207,962,588</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">333,101,519</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed (Over-distribution of) net investment income</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,020,920</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,014,086</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,243,808</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Accumulated net realized gain (loss)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,631,949</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2,305,555</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(27,569,412</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net unrealized appreciation (depreciation)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,606,918</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,279,369</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52,266,908</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,724,745,570</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">237,098,089</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,284,342</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Authorized shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Common</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Preferred</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Unlimited</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c3e8b3a9028f4f9692da87bc2f929ffb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="589d922613a84bef8de8e6980826e63c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of</div>
</td>
<td style="WIDTH: 60.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 26.75%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 14px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 60.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Operations</div>
</td>
<td style="WIDTH: 26.75%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="4676257e821446d494e40d5fc907a73e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Free Income</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Income</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,443,379</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,127,251</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50,437,367</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Management fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,397,303</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">353,649</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,606,749</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Interest expense and amortization of offering costs</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29,100</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">858,800</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Liquidity fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,484,830</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Remarketing fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">292,775</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Custodian fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,452</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,497</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">118,007</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Directors/Trustees fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,435</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,561</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,194</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Professional fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">108,460</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,820</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">256,272</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Shareholder reporting expenses</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">68,005</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,946</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,658</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Shareholder servicing agent fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21,609</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">203</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,270</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Stock exchange listing fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,954</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">786</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,955</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Investor relations expenses</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,578</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,934</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29,016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,304</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,524</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">404,909</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total expenses</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,720,200</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">419,920</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,159,435</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net investment income (loss)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,723,179</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,707,331</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,277,932</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Realized and Unrealized Gain (Loss)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized gain (loss) from investments</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(136,942</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">439,298</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,736,377</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Change in net unrealized appreciation (depreciation) of investments</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,023,386</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(590,186</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,110,249</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized and unrealized gain (loss)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">886,444</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(150,888</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,846,626</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from operations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,609,623</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,556,443</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52,124,558</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="8de6ff2a48cc4838b0f52b2e02af3cdb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">79</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of Operations </font>(continued)</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="3712e026ac8b44e38e586b8468614143" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Income</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">118,818,811</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,483,288</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,549,659</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Management fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,626,844</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,044,512</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,215,037</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Interest expense and amortization of offering costs</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,596,545</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">146,847</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">204,621</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Liquidity fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,802,339</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">913,289</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,455,550</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Remarketing fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">711,262</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">99,634</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">162,668</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Custodian fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">231,337</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,115</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,224</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Directors/Trustees fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">67,526</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,078</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,126</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Professional fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">164,011</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,585</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">60,705</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Shareholder reporting expenses</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,442</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,433</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,677</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Shareholder servicing agent fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,975</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,222</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,938</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 17px;">
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Stock exchange listing fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,305</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,528</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,774</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Investor relations expenses</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">82,586</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,678</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,221</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Other</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">502,462</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">40,870</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">47,360</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total expenses</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23,985,634</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,365,791</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,272,901</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net investment income (loss)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">94,833,177</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,117,497</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,276,758</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Realized and Unrealized Gain (Loss)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized gain (loss) from investments</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,266,694</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,846,986</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">134,264</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Change in net unrealized appreciation (depreciation) of investments</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,798,438</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,949,294</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,404,759</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized and unrealized gain (loss)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,065,132</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,796,280</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,539,023</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from operations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">110,898,309</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,913,777</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,815,781</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="4d83dd7b6183457ead8f77403c8a0537" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">80</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="df232f247771431db005eaaa65331288" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of</div>
</td>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr><tr style="HEIGHT: 13px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Changes in Net Assets</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a660b731e76b4cb2b2e6be1afc3f2f76" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operations</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net investment income (loss)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,723,179</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,562,715</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,707,331</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,753,431</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,277,932</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39,291,713</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized gain (loss) from Investments</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(136,942</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">196,175</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">439,298</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,166,712</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,736,377</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">127,614</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Change in net unrealized appreciation (depreciation) of Investments</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,023,386</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,999,135</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(590,186</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,327,324</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,110,249</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65,081,303</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from operations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,609,623</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,758,025</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,556,443</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,247,467</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52,124,558</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,500,630</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions to Common Shareholders</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">From net investment income</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,188,914</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(11,841,485</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2,659,984</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2,583,303</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(41,444,335</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(38,337,336</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">From accumulated net realized gains</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(765,094</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(367,916</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Decrease in net assets applicable to common shares from distributions to common shareholders</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,188,914</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(11,841,485</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,425,078</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2,951,219</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(41,444,335</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(38,337,336</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital Share Transactions</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Issued in the reorganizations</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">87,770,468</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Proceeds from shelf offering, net of offering costs</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,081,737</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,321,449</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Net proceeds from shares issued to shareholders due to reinvestment of distributions</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">328,525</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">173,032</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,662</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from capital share transactions</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,410,262</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,494,481</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,662</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">87,770,468</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,830,971</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,411,021</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(858,973</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,296,248</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,680,223</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">153,933,762</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares at the beginning of period</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">268,049,521</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">253,638,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,532,451</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">55,236,203</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">760,786,066</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">606,852,304</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares at the end of period</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,880,492</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">268,049,521</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,673,478</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,532,451</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">771,466,289</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">760,786,066</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed (Over-distribution of) net investment income at the end of period</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">568,478</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,122,565</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">751,985</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">731,470</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,026,162</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,736,445</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="281c66e0c18b4ff8baca01634c990c86" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">81</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of Changes in Net Assets </font>(continued)</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="228b65496a6e41ec957f880f1004afae" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operations</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net investment income (loss)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">94,833,177</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">78,459,234</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,117,497</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,909,502</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,276,758</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,379,779</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized gain (loss) from Investments</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,266,694</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,648,813</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,846,986</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(208,468</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">134,264</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,904,836</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Change in net unrealized appreciation (depreciation) of Investments</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,798,438</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">82,447,263</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,949,294</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,230,559</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,404,759</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25,190,058</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from operations</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">110,898,309</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">165,555,310</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,913,777</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,931,593</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,815,781</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">48,474,673</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions to Common Shareholders</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">From net investment income</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(99,781,005</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(69,293,415</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,264,985</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,619,148</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,492,986</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,461,588</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">From accumulated net realized gains</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Decrease in net assets applicable to common shares from distributions to common shareholders</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(99,781,005</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(69,293,415</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,264,985</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,619,148</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,492,986</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,461,588</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital Share Transactions</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Issued in the reorganizations</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,271,903,837</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Proceeds from shelf offering, net of offering costs</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Net proceeds from shares issued to shareholders due to reinvestment of distributions</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,967</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares from capital share transactions</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,271,903,837</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,967</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net increase (decrease) in net assets applicable to common shares</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,117,304</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,368,165,732</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,662,759</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,312,445</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,322,795</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">29,013,085</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares at the beginning of period</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,713,628,266</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">345,462,534</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">233,435,330</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">219,122,885</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">354,961,547</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325,948,462</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net assets applicable to common shares at the end of period</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,724,745,570</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,713,628,266</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">237,098,089</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">233,435,330</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,284,342</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">354,961,547</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed (Over-distribution of) net investment income at the end of period</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,020,920</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,917,924</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,014,086</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,271,425</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,243,808</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,496,207</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="7b827d9221d14406982faf50164d16d4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">82</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="3e80ab72743c454f868dd0d9a2ec70c5" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Statement of</div>
</td>
<td style="WIDTH: 50.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Cash Flows</div>
</td>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended February 29, 2016</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="f0cae5a2b93a41bb8fe52de32c976751" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Free Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr style="HEIGHT: 13px;">
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Flows from Operating Activities:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">52,124,558</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">110,898,309</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15,913,777</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">24,815,781</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Purchases of investments</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(210,596,889</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(374,550,863</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(61,217,728</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(91,024,304</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Proceeds from sales and maturities of investments</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210,556,260</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">389,509,288</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,742,209</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,161,106</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Proceeds from (Purchases of) short-term investments, net</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8,645,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20,710,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,645,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,490,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Taxes paid</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(77</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(249</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(26</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(188</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Amortization (Accretion) of premiums and discounts, net</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1,337,302</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">797,787</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(10,392</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">737,619</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Amortization of deferred offering costs</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">186,543</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">445,503</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,840</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">60,428</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">(Increase) Decrease in:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Receivable for interest</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">761,384</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,234,304</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">230,079</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">272,051</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Receivable for investments sold</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4,590,441</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(28,021,007</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">540,750</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(13,681,450</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Other assets</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(26,684</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(89,262</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(11,824</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(10,957</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Increase (Decrease) in:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Accrued management fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,548</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">43,363</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,138</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,059</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Accrued Directors/Trustees fees</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">84,081</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">66,602</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,246</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,980</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Accrued professional fees</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,521</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(131,507</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">619</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">967</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Accrued other expenses</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(206,095</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(189,587</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(38,369</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(41,322</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net realized (gain) loss from investments</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6,736,377</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(14,266,694</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1,846,986</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(134,264</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Change in net unrealized (appreciation) depreciation of investments</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6,110,249</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1,798,438</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1,949,294</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4,404,759</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net cash provided by (used in) operating activities</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,770,781</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,657,549</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,026,039</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,265,747</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Flows from Financing Activities</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Increase (Decrease) in:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Cash overdraft</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,097,437</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,847,614</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,869,736</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Floating rate obligations</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6,365,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(11,505,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Payable for offering costs</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(64,213</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(287,852</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(50,405</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash distribution paid to common shareholders</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(41,439,005</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(100,160,840</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,289,102</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(19,497,077</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net cash provided by (used in) financing activities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(42,770,781</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(105,106,078</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(12,289,102</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(15,677,746</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Increase (Decrease) in Cash</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(448,529</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2,263,063</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,411,999</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash at the beginning of period</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">448,529</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,815,126</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,411,999</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash at the end of period</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">552,063</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="3e0ce9ba634841cc9951b696cd44ec23" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 16px;">
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Free Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Disclosures of Cash Flow&#160;Information</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cash paid for interest (excluding amortization of offering costs)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">608,525</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,438,894</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">135,007</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">194,598</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Non-cash financing activities not included herein consists of reinvestments of common share distributions</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,967</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="5d7e8fc116ee4823a7f81eeac4e0c640" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">83</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e21a4405310f441da3b09c1994c52492" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial</div>
</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr><tr style="HEIGHT: 13px;">
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Highlights</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Selected data for a common share outstanding throughout each period:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="1ff13121db64482daedf6cbe0fc9b314" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="11" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 36.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="8" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Less Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>to Common Shareholders</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="8" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 24.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beginning<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Common<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>(Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Unrealized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gain (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Accumu-<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>lated Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Premium<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>per<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Sold through<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Shelf<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Offering</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="7" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="7" bgcolor="#ffffff" style="WIDTH: 28.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28&#8211;2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.54</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.48</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.56</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.79</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.03</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.46</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.51</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.97</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.54</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.64</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.45</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.05</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.57</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.08</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.47</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.07</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.48</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.99</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.08</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.13</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="7" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="7" bgcolor="#ffffff" style="WIDTH: 28.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28&#8211;2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.05</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.77</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.23</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.04</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.23</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.70</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.80</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.76</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.60</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.79</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.11</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.68</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.57</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.78</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.78</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.53</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.66</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.83</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.89</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.72</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.80</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.57</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.86</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.88</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.76</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.60</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.80</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.02</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.82</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.66</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.33</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.08%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<tr>
<td style="WIDTH: 4.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: 95.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr><tr>
<td style="WIDTH: 4.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.24%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.</div>
</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">84</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="WIDTH: 30.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="11" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 64.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share Supplemental Data/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
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</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratios to Average Net Assets</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio</div>
</td>
<td style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Turnover</div>
</td>
<td style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(b)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.58%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(d)</font></td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 14px;">
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.81</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.08</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">279,880</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.64</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
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<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.35</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
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<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">
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<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.91</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.36</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">268,050</div>
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<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.64</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(c)</div>
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<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(c)</div>
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<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13</div>
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</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.62</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3.80</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">253,639</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.62</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.73</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.48</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.99</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">264,094</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.64</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.55</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.58</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27.44</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">254,563</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.65</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.98</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.57</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.91</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,673</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.74</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.78</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.68</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,532</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.75</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.22</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3.08</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">55,236</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.76</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.00</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.54</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">8.39</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">57,769</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.74</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.81</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.97</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26.50</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">54,772</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.77</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.41</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.58%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="8b740605fc8b4fe9bd22ceb9eb2dd6ec" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: 94.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, (as described in Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="86b23526558c48b1b249f38d9ad52a6f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28&#8211;2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.01</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="b820c3a78f864c0d9d5fbf7f87bfe5d9" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28&#8211;2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="aff43788c52b4b069eb328af84a97cc1" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: 95.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser as described in Note 4 &#8211; Fund Shares, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="ab155514e544418b8126b8dfbbf9be34" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Investment</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.67</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4.38</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="a3a6da64dc634bfcacf9c5384f057637" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: 94.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 &#8211; Investment Transactions) divided by the average long-term market value during the period.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="75a2075afb7246e38694b2c158cae005" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">85</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Highlights </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Selected data for a common share outstanding throughout each period:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c4d9282b4dc941bb87bba3e609821a51" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 7.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 39.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="8" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Less Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>to Common Shareholders</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beginning<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Common<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>(Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">)&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Unrealized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gain (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">)&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>from Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income to<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>ARPS<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>from<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Accumulated<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gains to<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>ARPS<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Accumu-<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>lated<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 4.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#ffffff" style="WIDTH: 35.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 12px;">
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.95</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.27</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.09</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.87</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.87</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.17</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.63</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.45</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.67</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.57</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.22</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.85</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.73</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.77</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.97</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.74</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.88</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.02</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.57</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.12</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.91</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.74</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.73</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 4.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#ffffff" style="WIDTH: 35.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.96</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.88</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.93</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.93</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.68</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.87</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.21</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.93</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.93</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.96</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.34</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.17</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.33</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.89</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.89</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.68</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.07</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.87</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.11</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.92</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.92</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.90</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.68</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.94</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.17</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.01</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.10</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.91</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.91</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.87</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.14</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="7006041a12994a7bb731c0075cc09388" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr><tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="cd500a40c0e04ad7bb20ba130c9ee42b" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">86</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="a65164090f0041df89ee10a8c96b6d1a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="WIDTH: 30.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="10" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 63.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share Supplemental Data/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Ratios Applicable to Common Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Total Returns</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratios to Average Net Assets(c)</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment</div>
</td>
<td style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Turnover</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(b)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(b)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(d)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (Loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(f)</font></td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.09</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.93</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">771,466</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.48</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.22</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
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<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
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<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.16</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17.55</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">760,786</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.62</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
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<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.10</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6.39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">606,852</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.64</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.93</div>
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<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.08</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.53</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">651,402</div>
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<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.64</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.48</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">21.95</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36.10</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">86,731</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.73</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.79</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,724,746</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.62</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.21</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,713,628</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.97</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4.95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">345,463</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.86</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.79</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">374,096</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.60</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.44</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">25.30</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32.82</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">349,203</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.50</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.84</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="dc2851271a0b40e690a76c644ec3d5cc" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: 94.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 &#8211; Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="fd1d97d784ec49b296c2b0dc4d2da056" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.48</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.57</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.62</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.59</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.67</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table cellpadding="0" cellspacing="0" id="02237ad1144a434387a68f1d296a2605" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 12px;">
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.48</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.61</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.61</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.46</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="aa7a6ada42914845abe343d1f5a90f61" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program as described in Note 4 &#8211; Fund Shares, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="eb5fb448dc474a458599b562d6713a86" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Investment</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.63</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.51</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d0aba9f0859e4041950cc61b37f81801" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Investment</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.53</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.95</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="26c9e775648a41ebb0749131245fe436" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(f)</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 &#8211; Investment Transactions) divided by the average long-term market value during the period.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="41a702b8319d41a0b182950a7dbee69c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">87</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Highlights </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Selected data for a common share outstanding throughout each period:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="aa23eb02326c425eaa55ac8b65ddb065" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 7.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 39.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="8" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Less Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>to Common Shareholders</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beginning<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Common<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>(Loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Unrealized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gain (Loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>from Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income to<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>ARPS<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributions<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>from<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Accumulated<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gains to<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>ARPS<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(a)</font></td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Investment<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">From<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Accumu-<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>lated<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Net<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Realized<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 5.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#ffffff" style="WIDTH: 35.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.82</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.07</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
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</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.83</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
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<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.06</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.62</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.02</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.83</div>
</td>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.86</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.86</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
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<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.82</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.59</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.40</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.60</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.85</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.75</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.49</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.96</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.95</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.35</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16.30</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.08</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">*&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.98</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.96</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.96</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.49</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.58</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 35.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 5.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="10" bgcolor="#ffffff" style="WIDTH: 35.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.70</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.19</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.92</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.56</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.84</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.17</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.81</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.70</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.63</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.71</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.74</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1.15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.80</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.50</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.91</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.75</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.90</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.85</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.71</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.25</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.13</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.82</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.86</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">*&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.68</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(0.90</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.91</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14.35</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="8079bf3f8a5a4fdabf318b8b8dd6395a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: 94.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The amounts shown for ARPS are based on common share equivalents.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: 94.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr><tr>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 94.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: 94.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Rounds to less than $0.01 per share.</div>
</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">88</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="e96f05ae5ca84deeada6a38c51def2ad" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td colspan="4" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="16" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share Supplemental Data/<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Ratios Applicable to Common Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Total Returns</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratios to Average Net Assets<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Before Reimbursement(c)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratios to Average Net Assets<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>After Reimbursement(c)(d)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Based</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ending</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Turnover</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAV</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(b)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">(b)</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets (000)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(e)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(e)</font></td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom"><font style="FONT-WEIGHT: bold">(f)</font></td>
</tr><tr style="HEIGHT: 12px;">
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7.5%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 7.5%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.22</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">237,098</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.46</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.25</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.57</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.72</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">233,435</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.23</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3.42</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(9.86</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">219,123</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.24</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.43</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">39</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.94</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11.03</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">241,237</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.19</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.29</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">23</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22.90</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30.01</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">228,474</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.29</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.30</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7.26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13.31</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">360,284</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.77</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15.18</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">354,962</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.56</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.93</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(8.23</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325,948</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.42</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.57</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12.15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.41</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">355,163</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.53</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5.22</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">20</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">22.89</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31.93</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">335,830</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.56</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.28</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.52</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6.33</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="b3cc87926f2d4925af644d24a6d51a1c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH), respectively, for any fees or expenses.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(e)</div>
</td>
<td style="WIDTH: 95.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 &#8211; Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 &#8211; Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="f7e96d66eeda444eb80da08d4c3c1e5c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 19px;">
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.50</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.51</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.18</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.15</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.25</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c181ce3178364f5a987461bcdb6aeb9d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.52</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.54</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.37</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.47</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.49</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="6b3ef243393941f089b2528ddcf506da" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(f)</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 &#8211; Investment Transactions) divided by the average long-term market value during the period.</div>
</td>
</tr><tr>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td style="WIDTH: 95.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Fund no longer has a contractual reimbursement agreement with the Adviser.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="feef960387704803aa0b07eda78a3ee8" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">89</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Highlights </font>(continued)</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c46fe0bb63934ab7ae0779167a8a6224" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">iMTP Shares at the End of Period</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 28.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VRDP Shares at the End of Period</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 15.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">iMTP and<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>VRDP Shares at<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>the End of Period</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 15.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset Coverage</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Coverage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Coverage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per $1</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per $5,000</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per $100,000</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidation</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preference</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="4" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)&#160;&#160;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,775</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">335,490</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2015(a)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,612</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">332,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3.32</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">308,111</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">323,389</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35,500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">344,312</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="4" bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)&#160;&#160;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">346,533</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">344,944</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">136,200</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">353,644</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">136,200</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">374,666</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.03%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">136,200</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">356,390</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="153133f8ba0a42a1b15425094216207e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: 94.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="a8ec3ec1ec364f5d9f2a15e5e13c808e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2015 (NKX PRC)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 15px;">
<td bgcolor="#cceeff" style="WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 15px;">
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 83.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.03</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#937;</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="9aadbdc99d3048dda461e33b3f942bb4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 4.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#937;</div>
</td>
<td style="WIDTH: 95.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period June 9, 2014 (effective date of the Reorganizations) through December 29, 2014.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="TEXT-ALIGN: right; MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b594ae539ea64e0ea3125d53a434970e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">90</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="9d30f650bdcf40ad8f8e400a929845fb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 27.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VRDP Shares at the End of Period</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 29.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MTP Shares at the End of Period (a)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset</div>
</td>
<td style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Coverage</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Coverage</div>
</td>
<td style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per $100,000</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per $10</div>
</td>
<td style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">341,937</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">338,199</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">323,595</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">97,846</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34.65</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">97,846</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33.35</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Year Ended 2/28-2/29:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2016</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">325,178</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">321,851</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2014</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">303,718</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2013</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">159,545</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32.26</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 36.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2012</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">159,545</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31.05</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="8c67f8510bb24ed09ee3e954b0d90c51" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: 94.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:</div>
</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="31ecea3f2c134ce5ae201a80321ea524" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 22px;">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2014 (NVX PRA)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.05</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.11</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.03</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#916;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.07</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.093</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#937;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2015 (NVX PRC)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.05</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.01</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.02</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3.98%; VERTICAL-ALIGN: bottom">&#916;&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.04</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.79%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9.89</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="15e0635698eb4bc286c96b4c630bf304" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2014 (NZH PRA)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.05</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.17</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.04</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#916;&#916;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.09</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.11</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#937;&#937;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2014-1 (NZH PRB)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.05</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.15</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 11px;">
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.03</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#916;&#916;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.08</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.12</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#937;&#937;&#937;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series 2015 (NZH PRC)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Ending Market Value per Share</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.14</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.18</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average Market Value per Share</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.07</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#916;&#916;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.13</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10.11</div>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="b645c67795b942ae88fe2150abdf4800" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#937;</div>
</td>
<td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period March 29, 2011 (first issuance date of shares) through February 29, 2012.</div>
</td>
</tr><tr>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#937;&#937;</div>
</td>
<td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period April 11, 2011 (first issuance date of shares) through February 29, 2012.</div>
</td>
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<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#937;&#937;&#937;</div>
</td>
<td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period June 6, 2011 (first issuance date of shares) through February 29, 2012.</div>
</td>
</tr><tr>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#916;</div>
</td>
<td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period March 1, 2013 through September 9, 2013.</div>
</td>
</tr><tr>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#916;&#916;</div>
</td>
<td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the period March 1, 2013 through October 7, 2013.</div>
</td>
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<div style="TEXT-ALIGN: right; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to financial statements.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="7a4af64207634e0f8b018f341fb33953" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91</div>
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notes to Financial Statements</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. General Information and Significant Accounting Policies</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General Information</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Fund Information</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):</font></div>

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</font></div>

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<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California Municipal Value Fund, Inc. (NCA) ("California Value (NCA)")</div>
</td>
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<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California Municipal Value Fund 2 (NCB) ("California Value 2 (NCB)")</div>
</td>
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<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California AMT-Free Municipal Income Fund (NKX) ("California AMT-Free Income (NKX)")</div>
</td>
</tr><tr>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California Dividend Advantage Municipal Fund (NAC) ("California Dividend Advantage (NAC)")</div>
</td>
</tr><tr>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California Dividend Advantage Municipal Fund 2 (NVX) ("California Dividend Advantage 2 (NVX)")</div>
</td>
</tr><tr>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8226;</div>
</td>
<td style="WIDTH: 92.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen California Dividend Advantage Municipal Fund 3 (NZH) ("California Dividend Advantage 3 (NZH)")</div>
</td>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of California Value (NCA), California AMT-Free Income (NKX) and California Dividend Advantage (NAC) are traded on the NYSE (Common shares of California AMT-Free Income (NKX) were formerly traded on the NYSE MKT). Common shares of California Value 2 (NCB), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) are traded on the NYSE MKT. California Value (NCA) was incorporated under the state laws of Minnesota on July 15, 1987. California Value 2 (NCB), California AMT-Free Income (NKX), California Dividend Advantage (NAC), California Dividend Advantage 2 (NVX) and California Dividend Advantage 3 (NZH) were organized as Massachusetts business trusts on January 26, 2009, July 29, 2002, December 1, 1998, June 1, 1999 and April 6, 2001, respectively.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The end of the reporting period for the Funds is February 29, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended February 29, 2016 (the "current fiscal period").</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Investment Adviser</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Investment Objectives and Principal Investment Strategies</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Each Fund seeks to provide current income exempt from both regular federal and California state income taxes, and in the case of California AMT-Free Income (NKX) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of California or certain U.S. territories.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Significant Accounting Policies</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services &#8211; Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Investment Transactions</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">92</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Investment Income</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Professional Fees</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Dividends and Distributions to Common Shareholders</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Indemnifications</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Netting Agreements</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. </font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 &#8211; Portfolio Securities and Investments in Derivatives.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Use of Estimates</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Investment Valuation and Fair Value Measurements</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair valuation input levels as described below are for fair value measurement purposes.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="efe26b7b955e4d2baff99498a5d2dde0" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Level 1 &#8211;&#160; </div>
</td>
<td style="WIDTH: 92.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.</div>
</td>
</tr><tr>
<td style="WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Level 2 &#8211;&#160; </div>
</td>
<td style="WIDTH: 92.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</div>
</td>
</tr><tr>
<td style="WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Level 3 &#8211;&#160; </div>
</td>
<td style="WIDTH: 92.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="f8fab23e232047a3b2e32c2ad420cd8a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">93</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Prices of fixed income securities are provided by an independent pricing service approved by the Funds' Board of Directors/Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level32. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="0e8595ccb89c44348186071e9ef9c9de" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">276,770,929</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">276,770,929</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,712,138</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,712,138</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,079,765,036</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,079,765,036</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,454,303,724</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,454,303,724</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">332,114,577</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">332,114,577</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Long-Term Investments*:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Municipal Bonds</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">505,230,200</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">505,230,200</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
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<td style="WIDTH: 96.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Refer to the Fund's Portfolio of Investments for industry classifications.</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">94</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(i)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.</div>
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<td style="WIDTH: 4.86%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(ii)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.</div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Portfolio Securities and Investments in Derivatives</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Portfolio Securities</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Inverse Floating Rate Securities</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) &#8211; Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) &#8211; Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:</font></div>

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</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations Outstanding&#160;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Floating rate obligations: self-deposited Inverse Floaters</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,490,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">390,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">81,490,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">965,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">845,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Floating rate obligations: externally-deposited Inverse Floaters</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,990,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,148,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">131,640,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,075,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,741,500</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,490,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,990,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,538,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">213,130,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,040,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">54,586,500</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="380cd2f9703b4f3899f0d1154302a1b0" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 14px;">
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Self-Deposited Inverse&#160;Floaters</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Average floating rate obligations outstanding</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,490,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,966,803</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,653,607</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">965,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">845,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Average annual interest rate and fees</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.65</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
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<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.66</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.64</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.60</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.60</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="1b9d6576d03d4759968aa2415b8d1f35" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">96</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="be832f5d2a424fd5adab8072f0696f49" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 29%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 29%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 16px;">
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floating Rate Obligations &#8211;&#160;Recourse Trusts&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,060,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,260,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50,700,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,480,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37,765,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,260,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">68,760,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,480,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">37,765,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Zero Coupon Securities</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investments in Derivatives<br>
<font style="FONT-WEIGHT: normal">In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although the Funds are authorized to invest in derivative instruments and may do so in future, they did not make any such investments during the current fiscal period.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Market and Counterparty Credit Risk</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. Fund Shares</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Common Shares</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Common Shares Equity Shelf Programs and Offering Costs</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>California Value (NCA) has filed a registration statement with the Securities and Exchange Commission ("SEC") authorizing the Fund to issue additional common shares through an equity shelf program ("Shelf Offering"), which became effective with the SEC during a prior fiscal period.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="a80f2df1073545d5b8c1688a6108cb66" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">97</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per common share. In the event the Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Authorized common shares, common shares issued and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's current and prior fiscal period were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c1e750e0d8ad49ebb55a1abfc5f4a233" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common shares authorized</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,500,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common shares issued</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,043,028</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">124,572</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 72.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Offering proceeds, net of offering costs</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,081,737</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,321,449</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Costs incurred by the Fund in connection with its Shelf Offering was recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. The deferred asset is reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Fund may incur. As Shelf Offering costs are expensed they are recognized as component of "Other expenses" on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Common Share Transactions</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Transactions in common shares during the following Funds' current and prior fiscal period were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="83d41976f64d469ca47ea953abce0c5a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value (NCA)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Advantage 2 (NVX)</div>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Common shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Sold through shelf offering</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,043,028</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">124,572</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Issued to shareholders due to reinvestment of distributions</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,373</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">16,402</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">561</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">867</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Weighted average common share:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Premium to NAV per shelf offering share sold</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2.21</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1.22</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">N/A</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A &#8211; The Fund is not authorized to issue additional common shares through a shelf offering.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="41d7af54c5fd42b2a52c5ffa3bab8450" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Income (NKX)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="5" style="BORDER-BOTTOM: #000000 1px solid; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Advantage (NAC)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/29/16</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2/28/15</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common shares:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Issued in the reorganization</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,864,695</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">83,854,904</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Preferred Shares</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Institutional MuniFund Term Preferred Shares<br>
<font style="FONT-STYLE: normal">The following Fund has issued and has outstanding Institutional MuniFund Term Preferred ("iMTP") Shares, with a $5,000 liquidation preference per share. iMTP Shares are issued via private placement and are not publicly available.</font></font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="c9313b7a70a8454d891802619d0870a4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the reporting period, details of iMTP Shares outstanding were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d2a77fd4fced413ebdc3a73fb5bdb52f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidation</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preference</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California ATM-Free Income (NKX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2018</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,200</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for approximately one year following the date of issuance, at which point the Fund may redeem at its option ("Optional Redemption Date") and any date thereafter. The Fund may be obligated to redeem a certain amount of iMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Term Redemption Date and Optional Redemption Date for the Fund's iMTP Shares are as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d336c55f18054b61832864560d3518c6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Term</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Optional</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Redemption</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Redemption</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California ATM-Free Income (NKX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2018</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">July 1, 2018</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">July 1, 2016</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="65194517a28a4c47b0258f244304f6d4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 85.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 85.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 85.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 85.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 85.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Average liquidation preference of iMTP Shares outstanding</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 85.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Annualized dividend rate</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.50</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">iMTP Shares are subject to restrictions on transfer and may only be sold or transferred to "qualified institutional buyers". iMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of iMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the iMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that the fair value of iMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of iMTP Shares is recorded as a liability and recognized as "Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Costs incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">Variable Rate Demand Preferred Shares</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="083333fbab6c4fd1b6d4def83337e44e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">99</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the reporting period, details of the Fund's VRDP Shares outstanding were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c79596a036c04f1ca605aeb15a661874" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidation</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 11.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Preference</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maturity</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">355</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35,500,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">June 1, 2040</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">427</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">42,700,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">March 1, 2040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,090</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">109,000,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">December 1, 2040</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr style="HEIGHT: 19px;">
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,044</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104,400,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">June 1, 2041</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Divdend Advantage (NAC)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,362</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">136,200,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">June 1, 2041</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">910</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,000,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">December 1, 2040</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">498</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49,800,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">March 1, 2040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,056</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">105,600,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">December 1, 2042</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,589</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,900,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">August 1, 2040</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,581</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,100,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">August 1, 2040</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">980</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">August 3, 2043</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,600</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">September 1, 2043</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="f95caeab0fdd4224a54a449dc1368692" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Average liquidation preference of VRDP Shares outstanding</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">291,600,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">699,600,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">98,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">160,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Annualized dividend rate</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.13</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.12</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.13</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.12</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are being amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="44f61b1129674bc4a1c8a5f3206c14c6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Preferred Share Transactions<br>
<font style="FONT-STYLE: normal">Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transactions in iMTP Shares for the Funds, where applicable, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="89950c1f420745c2b754f489f61bb56a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="7" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended February 28, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">iMTP Shares issued</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2018</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,200</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">36,000,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transactions in MTP Shares for the Funds, where applicable, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="f2d4e87d16014947b564820381ff0f92" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="10" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended February 28, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NYSE</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ticker</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">MTP Shares issued in connection with the reorganization</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NKX PRC</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,525,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">35,250,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">MTP Shares redeemed</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2015</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">NKX PRC</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,525,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(35,250,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transactions in VRDP Shares for the Funds, where applicable, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="f0445d72c9c340348de00d49a87061b6" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="7" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year Ended February 28, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Series</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">VRDP Shares issued in connection with the reorganizations:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">910</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,000,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">498</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">49,800,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,056</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">105,600,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,589</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,900,000</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,581</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">158,100,000</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 59.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">5,634</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">563,400,000</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5. Investment Transactions</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Long-term purchases and sales (including maturities) during the current fiscal period were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="45df8d4d7083439b96474c80c241b627" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Purchases</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">33,209,869</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,299,319</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210,596,889</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">374,550,863</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">61,217,728</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,024,304</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Sales and maturities</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,337,781</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">7,007,480</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">210,556,260</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">389,509,288</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">56,742,209</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">91,161,106</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6. Income Tax Information</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and California state income taxes, and in the case of California AMT-Free Income (NKX) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9f96ad8122d64a559756be53dd7aa7df" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">101</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="b571073c0b484a089e379424c62e5a81" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Cost of Investments</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">240,807,101</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">44,452,278</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">953,569,205</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,090,392,511</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">300,985,475</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">451,272,942</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Gross unrealized:</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Appreciation</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,796,128</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,259,862</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">126,159,015</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">288,922,017</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">34,051,375</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">58,328,861</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">Depreciation</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(321,588</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(353,184</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(6,501,599</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,887,273</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(5,216,603</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Net unrealized appreciation (depreciation) of investments</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">31,474,540</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">9,259,860</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">125,805,831</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">282,420,418</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">30,164,102</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">53,112,258</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and expiration of capital loss carryforwards, resulted in reclassifications among the Funds' components of common share net assets as of February 29, 2016, the Funds' tax year end, as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="73279249d4564f0f83a66aca2e34301c" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Paid-in-surplus</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(526,956</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(547,379</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(11,698</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3,879,942</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed (Over-distribution of) net investment income</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(88,352</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(26,832</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">456,120</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">50,824</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(109,851</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(36,171</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Accumulated net realized gain (loss)</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">88,351</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">26,833</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">70,836</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">496,555</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">121,549</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,916,113</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 29, 2016, the Funds' tax year end, were as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="32390c219a5048d9b2576ca40a43c48d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed net tax-exempt income<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,305,832</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">300,823</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">6,218,000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,697,287</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,165,639</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,902,562</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed net ordinary income<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">17,627</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">147,558</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">461,664</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">152,701</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Undistributed net long-term capital gains</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">298,516</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,853,094</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="8b53fb0a09ed4326bac6b5fa75fc7174" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 3.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></div>
</td>
<td style="WIDTH: 96.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2016, paid on March 1, 2016.</div>
</td>
</tr><tr>
<td style="WIDTH: 3.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></div>
</td>
<td style="WIDTH: 96.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The tax character of distributions paid during the Funds' tax years ended February 29, 2016 and February 28, 2015, was designated for purposes of the dividends paid deduction as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="8270bbb06424494298d3a7fbd7cbf210" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net tax-exempt income<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,050,691</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,564,599</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">41,789,520</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">100,506,954</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,342,474</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,606,265</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net ordinary income<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">99,642</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">95,349</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">224,230</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">558,396</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">88,555</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">76,238</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net long-term capital gains<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">765,094</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="972d414d8fa242b0b0a81b0c546982f9" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCB</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net tax-exempt income</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">11,836,940</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">2,564,562</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">38,666,107</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">63,182,286</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">12,838,870</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,624,362</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net ordinary income<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">18,741</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">28,625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">43,473</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 8.65pt; FONT-SIZE: 10pt">Distributions from net long-term capital gains</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">367,916</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="0c530ae79e894aac92a81fc902c9fdbb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 3.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></div>
</td>
<td style="WIDTH: 96.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.</div>
</td>
</tr><tr>
<td style="WIDTH: 3.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></div>
</td>
<td style="WIDTH: 96.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The Funds hereby designate these amounts paid during the fiscal year ended February 29, 2016, as Exempt Interest Dividends.</div>
</td>
</tr><tr>
<td style="WIDTH: 3.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></div>
</td>
<td style="WIDTH: 96.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 29, 2016.</div>
</td>
</tr></table>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="f9acdb7797124a54bbdba944698018a9" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">102</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the Funds' tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="b1d111d27d7b4aaa9ff22f8322a3c0d4" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Expiration:</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">February 28, 2017</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,426,925</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">13,863,811</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,536,999</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">February 28, 2018</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">251,409</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">731,149</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">705,843</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,646,251</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'arial'; MARGIN-LEFT: 17.3pt; FONT-SIZE: 10pt">February 28, 2019</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,340,157</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Not subject to expiration</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,380,257</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,827,353</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">792,392</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,931,933</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Total</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,058,591</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">19,422,313</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,498,235</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,455,340</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="29d7f0cb82134b1baffee3f2a6b3a587" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 3.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></div>
</td>
<td style="WIDTH: 96.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">A portion of California Dividend Advantage's (NAC) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the Funds' tax year ended February 29, 2016, the following Funds utilized capital loss carryforwards as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="bbda57fb60fc48b783ec72c3163f807d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Utilized capital loss carryforwards</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">4,954,119</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">14,788,322</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1,809,061</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">310,924</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 29, 2016, the Funds' tax year end, the following Funds' capital loss carryforwards expired as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="0c3c714dea65429b91a288d1289ca554" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 3</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 72.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 72.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Expired capital loss carryforwards</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">65,078</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">3,869,938</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7. Management Fees and Other Transactions with Affiliates</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management Fees<br>
<font style="FONT-STYLE: normal">Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Fund's management fee consists of two components &#8211; a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser, and for California Value (NCA) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">California Value (NCA) pays an annual fund-level fee, payable monthly, of 0.15% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.</font></div>

<div style="MARGIN-TOP: 8pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="9626b31b307848c68bd14bcbe8301c33" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">103</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes to Financial Statements </font>(continued)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The annual Fund-level fee, payable monthly, for each Fund (excluding California Value (NCA)) is calculated according to the following schedules:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c402361ca4104982b2162c3262fae98a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Value 2 (NCB)</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Daily Managed Assets*</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund-Level Fee</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the first $125 million</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $125 million</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3875</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $250 million</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3750</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $500 million</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3625</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $1 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For managed assets over $2 billion</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3375</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="db205c4298cb4dc78bdf3ff2b8b97ffe" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California AMT-Free Income (NKX)</div>
</td>
</tr><tr style="HEIGHT: 14px;">
<td style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage (NAC)</div>
</td>
</tr><tr>
<td style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 2 (NVX)</div>
</td>
</tr><tr>
<td style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California Dividend Advantage 3 (NZH)</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Daily Managed Assets*</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund-Level Fee</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the first $125 million</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4500</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $125 million</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4375</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $250 million</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $500 million</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4125</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the next $1 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.4000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 60.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For managed assets over $2 billion</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 34.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.3750</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="eb5fe13b5b5c4969a4c3e2fb52977d80" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Complex-Level Managed Asset Breakpoint Level*</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Rate at Breakpoint Level</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$55 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.2000</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">%</div>
</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$56 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1996</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$57 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1989</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$60 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1961</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$63 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1931</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$66 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1900</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$71 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1851</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$76 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1806</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$80 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1773</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$91 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1691</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$125 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1599</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$200 billion</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1505</div>
</td>
<td bgcolor="#ffffff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$250 billion</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1469</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$300 billion</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">0.1445</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="bf394bedb1c04155b1830065a9cfd16f" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 3.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: 96.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of February 29, 2016, the complex-level fee for each Fund was 0.1640%.</div>
</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="b6dbcf3ee1d54535b492b89c2cfb5eaf" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">104</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other Transactions with Affiliates<br>
<font style="FONT-STYLE: normal">Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trades of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d557acf2d2804a77ae98de9c8f5fec17" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">California</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMT-Free</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Advantage 2</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr><tr>
<td bgcolor="#cceeff" style="WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Purchases</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">27,134,250</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">$</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,853,700</div>
</td>
<td bgcolor="#cceeff" style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 68.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Sales</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">32,145,300</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">10,905,600</div>
</td>
<td bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8. Borrowing Arrangements<br>
<font style="FONT-WEIGHT: normal">During the current fiscal period, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the current fiscal period, none of the Funds utilized this facility.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="1e6f9534ccef4b78aa95f2ebab10c3a2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 15px;">
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">105</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Additional Fund Information </font>(Unaudited)</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="c2849fa6fa9b4027b8b9aabc256ad960" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr style="HEIGHT: 12px;">
<td colspan="11" style="WIDTH: 100%; VERTICAL-ALIGN: top">
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<td style="WIDTH: 20.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William Adams IV*</div>
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<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Jack B. Evans</div>
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<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William C. Hunter</div>
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<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">David J. Kundert</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">John K. Nelson</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">William J. Schneider</div>
</td>
</tr><tr>
<td style="WIDTH: 20.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Thomas S. Schreier, Jr.**</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Judith M. Stockdale</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Carole E. Stone</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Terence J. Toth</div>
</td>
<td style="WIDTH: 1.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Margaret L. Wolff</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 16.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="fb400b1cc6f3488f9d13b167e00d993a" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">*</div>
</td>
<td style="WIDTH: 94.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Interested Board Member.</div>
</td>
</tr><tr>
<td style="WIDTH: 5.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">**</div>
</td>
<td style="WIDTH: 94.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Interested Board Member and will retire from the Funds' Board of Directors/Trustees effective May 31, 2016.</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 5.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 94.44%; VERTICAL-ALIGN: top">&#160;</td>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fund Manager</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Custodian</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal Counsel</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Independent Registered</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transfer Agent and</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Fund Advisors, LLC</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">State Street Bank</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chapman and Cutler LLP</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Public Accounting Firm</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shareholder Services</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">333 West Wacker Drive</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&amp; Trust Company</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 60603</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">KPMG LLP</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">State Street Bank</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 60606</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Boston, MA 02111</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 60601</div>
</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&amp; Trust Company</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Funds</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">P.O. Box 43071</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Providence, RI 02940-3071</div>
</td>
</tr><tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(800) 257-8787</div>
</td>
</tr><tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.47%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 18.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 19.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 21.5%; VERTICAL-ALIGN: top">&#160;</td>
</tr></table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quarterly Form N-Q Portfolio of Investments Information</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen Funds' Proxy Voting Information</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; WIDTH: 100%; HEIGHT: auto; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CEO Certification Disclosure</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes &#8211;Oxley Act.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; WIDTH: 100%; HEIGHT: auto; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share Repurchases</font><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><br>
</font>Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

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<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 32.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCA</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NCB</div>
</td>
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<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NKX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NAC</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NVX</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NZH</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr><tr>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Common shares repurchased</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
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<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#8212;</div>
</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td bgcolor="#cceeff" style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
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</font>The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Auction Rate Bond: </font>An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Annual Total Return: </font>This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Duration: </font>Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Leverage: </font>Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Domestic Product (GDP): </font>The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inverse Floating Rate Securities: </font>Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leverage: </font>Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lipper California Municipal Debt Funds Classification Average: </font>Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Asset Value (NAV) Per Share: </font>A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pre-Refunding: </font>Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Regulatory Leverage: </font>Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S&amp;P Municipal Bond California Index: </font>An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S&amp;P Municipal Bond Index: </font>An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Investment Exposure: </font>Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Zero Coupon Bond: </font>A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.</div>
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<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'arial'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Reinvest Automatically, Easily and Conveniently</div>
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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Closed-End Funds Automatic Reinvestment Plan</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">How shares are purchased</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Flexible</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Call today to start reinvesting distributions</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="e3b8b96ea3204fe596aab2ecc1e34b8d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">109</div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Members &amp; Officers </font>(Unaudited)</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at eleven. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
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<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
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<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Including other</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and Term<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directorships</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen by</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Member</div>
</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Independent Board Members:</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WILLIAM J. SCHNEIDER</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1944<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chairman and </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1996<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class III</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>

&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JACK B. EVANS</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1948<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1999<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class III</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>

&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WILLIAM C. HUNTER</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1948<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2004<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class I</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DAVID J. KUNDERT</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1942<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2005<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class II</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="eb4d79e251384a678632345500ad8618" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">110</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="df77df6af6a04cc6b2b8b53d9eb4eb2d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Including other</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and Term<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directorships</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen by</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Member</div>
</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Independent Board Members (continued):</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JOHN K. NELSON</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1962<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class II</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading &#8211; North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JUDITH M. STOCKDALE</font> </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1947<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1997<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class I</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CAROLE E. STONE</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1947<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2007<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class I</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TERENCE J. TOTH</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1959<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2008<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class II</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal &amp; General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management &amp; Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004- 2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr style="HEIGHT: 17px;">
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MARGARET L. WOLFF</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1955<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class I</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher &amp; Flom LLP (Mergers &amp; Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="718c31ad10a24a32b1dc52fe25ed3a14" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">111</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Members &amp; Officers </font>(Unaudited) (continued)</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="5cc2aee2b75f47d99cd2262eba47b2e2" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Including other</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr style="HEIGHT: 16px;">
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and Term<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directorships</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen by</div>
</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Member</div>
</td>
</tr><tr style="HEIGHT: 16px;">
<td colspan="2" style="WIDTH: 24.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Interested Board Members:</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr style="HEIGHT: 16px;">
<td colspan="2" style="WIDTH: 24.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WILLIAM ADAMS IV<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1955&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class II</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2015) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">THOMAS S. SCHREIER, JR.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)(3)</font></font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1962<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Board Member</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>Class III</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; Director and Vice Chair of Allina Health and a member of its Finance, Audit and Investment Committees; Director of the Minneapolis Museum of Art; formerly, Chief Executive Officer (2000- 2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">191</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="25d34a283eff4d9bb19bd98c0a577595" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">by Officer</div>
</td>
</tr><tr>
<td colspan="2" style="WIDTH: 24.96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officers of the Funds:</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td colspan="2" style="WIDTH: 24.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GIFFORD R. ZIMMERMAN</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1956<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chief </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Administrative </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officer</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1988</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CEDRIC H. ANTOSIEWIC</font> </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1962<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2007</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">84</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MARGO L. COOK</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1964<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2009</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); Managing Director &#8211; Investment Services of Nuveen Commodities Asset Management, LLC (since 2011); Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Chartered Financial Analyst.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="d32768c91b964e0881b2c820ac91ca6e" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">112</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="d4b9fbb30b5d47e9b5432a7b6dd36e82" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">by Officer</div>
</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officers of the Funds (continued):</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LORNA C. FERGUSON</font> </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1945<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1998</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Director (since 2004) of Nuveen Investments Holdings, Inc.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">STEPHEN D. FOY</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1954<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">and Controller</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1998</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHERRI A. HLAVACEK</font> </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">1962<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">and Treasurer</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Executive Vice President (since 2015, formerly, Managing Director) and Controller of Nuveen Fund Advisors, LLC; Managing Director and Controller of Nuveen Commodities Asset Management, LLC; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Controller of Nuveen Asset Management, LLC; Executive Vice President, Principal Financial Officer (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments, Inc.; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments Advisers, LLC and Nuveen Investments Holdings, Inc.; Managing Director, Chief Financial Officer and Corporate Controller of Nuveen Securities, LLC; Vice President, Controller and Treasurer of NWQ Investment Management Company, LLC; Vice President and Controller of Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Certified Public Accountant.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WALTER M. KELLY</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>197o<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chief Compliance </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officer and </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2003</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DAVID J. LAMB</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1963<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">84</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TINA M. LAZAR</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1961<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2002</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr style="HEIGHT: 17px;">
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">KEVIN J. MCCARTHY</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1966<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">and Secretary</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2007</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC (since 2010) Winslow Capital Management, LLC and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table border="0" cellpadding="0" cellspacing="0" id="81cb2b23f9804a3395cb034b0d65cacb" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Nuveen Investments</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">113</div>
</td>
</tr></table>

<div id="DSPFPageBreakArea" style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board Members &amp; Officers </font>(Unaudited) (continued)</font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="48399d41059a4378a880df716c2da82d" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name,</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position(s) Held</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year First</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year of Birth</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">with the Funds</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Elected or</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Occupation(s)</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of Portfolios</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&amp; Address</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointed<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">During Past 5 Years</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Fund Complex</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overseen</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">by Officer</div>
</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officers of the Funds (continued):</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td colspan="4" style="WIDTH: 39.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">KATHLEEN L. PRUDHOMME</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1953<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>9o1 Marquette Avenue </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Minneapolis, MN 554o2</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President and </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Assistant Secretary</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">&#160;</td>
</tr><tr>
<td style="WIDTH: 2.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#9632;</div>
</td>
<td style="WIDTH: 22.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JOEL T. SLAGER</font><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>1978<font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><br>
</font>333 W. Wacker Drive </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Chicago, IL 6o6o6</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Vice President and </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Assistant Secretary</div>
</td>
<td style="WIDTH: 1.1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 33.32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).</div>
</td>
<td style="WIDTH: 1.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">192</div>
</td>
</tr></table>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<table cellpadding="0" cellspacing="0" id="29cccbf360064212b25abf56d9fa0c01" style="WIDTH: 100%; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td style="WIDTH: 5.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(1)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(2)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(3)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Mr. Schreier will retire from the Funds' Board of Trustees effective May 31, 2016.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">(4)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt">Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.</div>
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</font><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Arial'; FONT-SIZE: 18pt">&#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;<font style="FONT-WEIGHT: bold">Serving Investors for Generations</font></font></font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Focused on meeting investor needs.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates&#8212;Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $229 billion as of March 31, 2016.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'arial'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'arial'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributed by </font>Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant&#8217;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code,&#160;click on Code of Conduct.)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant&#8217;s Board of Directors or Trustees (&#8220;Board&#8221;) determined that the registrant has at least one &#8220;audit committee financial expert&#8221; (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant&#8217;s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are &#8220;independent&#8221; for purposes of Item 3 of Form N-CSR.</font></font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State&#8217;s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State&#8217;s bond-related disclosure documents and certifying that they fairly presented the State&#8217;s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State&#8217;s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone&#8217;s position on the boards of these entities and as a member of both CBOE Holdings&#8217; Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.</font></font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (&#8220;SCI&#8221;). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the &#8220;CFO&#8221;) and actively supervised the CFO&#8217;s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI&#8217;s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.</font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following tables show the amount of fees that KPMG LLP, the Funds&#8217; auditor, billed to the Funds&#8217; during the Funds&#8217; last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the &#8220;pre-approval exception&#8221;). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee&#8217;s attention, and the Committee (or its delegate) approves the services before the audit is completed.</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SERVICES THAT THE FUND&#8217;S AUDITOR BILLED TO THE FUND</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year Ended</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">to Fund <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Fund <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></div>
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Fund <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></div>
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Fund <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font></div>
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td align="left" valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 29, 2016</font></div>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,270</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,000</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50</font></td>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Percentage approved</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pursuant to</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pre-approval</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">exception</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 28, 2015</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,500</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Percentage approved</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pursuant to</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pre-approval</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">exception</font></div>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" colspan="15" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" colspan="3" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">connection with statutory and regulatory filings or engagements.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" colspan="11" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="11" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="11" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="11" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="11" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="7" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SERVICES THAT THE FUND&#8217;S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the &#8220;Adviser&#8221;), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (&#8220;Affiliated Fund Service Provider&#8221;), for engagements directly related to the Fund&#8217;s operations and financial reporting, during the Fund&#8217;s last two full fiscal years.</font></font></font></font></font></font></font></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee&#8217;s attention, and the Committee (or its delegate) approves the services before the Fund&#8217;s audit is completed.</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Audit-Related Fees</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax Fees Billed to</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All Other Fees</font></div>
</td>
</tr><tr>
<td valign="top" width="40%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Adviser and</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Adviser and</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Adviser</font></div>
</td>
</tr><tr>
<td valign="top" width="40%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Affiliated Fund</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Affiliated Fund</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and Affiliated Fund</font></div>
</td>
</tr><tr>
<td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year Ended</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service Providers</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service Providers</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service Providers</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 29, 2016</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;0</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#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;0</font></div>
</td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Percentage approved</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pursuant to</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pre-approval</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">exception</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 28, 2015</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#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;0</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;0</font></div>
</td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Percentage approved</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0%</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pursuant to</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">pre-approval</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">exception</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NON-AUDIT SERVICES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table shows the amount of fees that KPMG LLP billed during the Fund&#8217;s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund&#8217;s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund&#8217;s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP&#8217;s independence.</font></font></font></font></font></font></font></font></font></font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Non-Audit Fees</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">billed to Adviser and</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Affiliated Fund Service</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Non-Audit Fees</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Providers (engagements</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">billed to Adviser and</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">related directly to the</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Affiliated Fund Service</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Non-Audit Fees</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">operations and financial</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Providers (all other</font></div>
</td>
<td valign="top" width="20%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year Ended</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Billed to Fund</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">reporting of the Fund)</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">engagements)</font></div>
</td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 29, 2016</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;0</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;50</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 28, 2015</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;0</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#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;0</font></div>
</td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="4" valign="top" width="80%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">amounts from the previous table.</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="5" valign="top" width="100%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.</font></div>
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<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund&#8217;s independent accountants and (ii) all audit and non-audit services to be performed by the Fund&#8217;s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant&#8217;s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.</font></font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 6. SCHEDULE OF INVESTMENTS.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a) See Portfolio of Investments in Item 1.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b) Not applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></font></div>

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</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Fund Advisors, LLC is the registrant&#8217;s investment adviser (also referred to as the &#8220;Adviser&#8221;). The Adviser is responsible for the on-going monitoring of the Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (&#8220;Sub-Adviser&#8221;) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant&#8217;s portfolio and related duties in accordance with the Sub-Adviser&#8217;s policies and procedures. The Adviser periodically monitors the Sub-Adviser&#8217;s voting to ensure that it is carrying out its duties. The Sub-Adviser&#8217;s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.</font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">ITEM 8.</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Fund Advisors, LLC is the registrant&#8217;s investment adviser (also referred to as the &#8220;Adviser&#8221;).&#160;&#160;The Adviser is responsible for the selection and on-going monitoring of the Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and providing certain clerical, bookkeeping and administrative services.&#160;&#160;The Adviser has engaged Nuveen Asset Management, LLC (&#8220;Nuveen Asset Management&#8221; or &#8220;Sub-Adviser&#8221;) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 8(a)(1).&#160;PORTFOLIO MANAGER BIOGRAPHY</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Scott R. Romans, PhD, Senior Vice President of Nuveen Asset Management, joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds most of which are state funds covering California and other western states.&#160;&#160;&#160;Currently, he manages investments for 16 Nuveen-sponsored investment companies.&#160;&#160;He holds an undergraduate degree from the University of Pennsylvania and an MA and PhD from the University of Chicago.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 8(a)(2).&#160;OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Other Accounts Managed.</font> In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:</font></font></div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: 'arial narrow'; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'">
<tr>
<td align="left" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Portfolio Manager</font></div>
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<td valign="bottom" width="40%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Type&#160;of&#160;Account</font></div>

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</td>
<td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number&#160;of</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets*</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Scott R. Romans</font></div>
</td>
<td valign="bottom" width="40%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Registered Investment Company</font></div>
</td>
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$9.21 billion</font></div>
</td>
</tr><tr>
<td valign="top" width="20%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="40%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other Pooled Investment Vehicles</font></div>
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<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></div>
</td>
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$0</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="40%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other Accounts</font></div>
</td>
<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td align="left" valign="bottom" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$2.03 million</font></div>
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</tr></table>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assets are as of February 29, 2016.&#160;&#160;None of the assets in these accounts are subject to an advisory fee based on performance.</font></div>
</td>
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</div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">POTENTIAL MATERIAL CONFLICTS OF INTEREST</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to many of its clients&#8217; accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.</font></font></div>

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</font></div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 8(a)(3). </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FUND MANAGER COMPENSATION</font></font></div>
</div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Base pay.</font> Base pay is determined based upon an analysis of the portfolio manager&#8217;s general performance, experience, and market levels of base pay for such position.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Annual cash bonus.</font>&#160;&#160;The Fund&#8217;s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A portion of each portfolio manager&#8217;s annual cash bonus is based on the Fund&#8217;s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager&#8217;s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund&#8217;s performance relative to its benchmark(s) and/or Lipper industry peer group.</font></font></div>

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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager&#8217;s supervisor taking into consideration a number of factors, including the portfolio manager&#8217;s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management&#8217;s policies and procedures.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The final factor influencing a portfolio manager&#8217;s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Long-term incentive compensation</font>. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, participate in a Long-Term Performance Plan designed to provide compensation opportunities that links a portion of each participant&#8217;s compensation to Nuveen Investments&#8217; financial and operational performance.&#160;&#160;In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm&#8217;s growth over time.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 8(a)(4).&#160;OWNERSHIP OF REGISTRANT&#8217;S SECURITIES AS OF FEBRUARY 29, 2016</font></font></div>

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<td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name of Portfolio Manager</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">None</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$1 - $10,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$10,001-$50,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$50,001-$100,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$100,001-$500,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$500,001-$1,000,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Over $1,000,000</font></div>
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<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Scott R. Romans</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">X</font></div>
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<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Not applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s Board implemented after the registrant last provided disclosure in response to this Item.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 11. CONTROLS AND PROCEDURES.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant&#8217;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (17 CFR 240.13a-15(b) or 240.15d-15(b)).</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There were no changes in the registrant&#8217;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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 12. EXHIBITS.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File the exhibits listed below as part of this Form.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)(1)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant&#8217;s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on&#160;Code of Conduct.)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)(2)</font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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)) in the exact form set forth below: Ex-99.CERT Attached hereto.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)(3)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.</font></div>
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<hr style="COLOR: black" noshade size="2">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Registrant) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Nuveen California Municipal Value Fund, Inc.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By (Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Kevin J. McCarthy</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kevin J. McCarthy</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vice President and Secretary</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">May 5, 2016</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By (Signature and Title) <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Gifford R. Zimmerman</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gifford R. Zimmerman</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Administrative Officer</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: <font style="DISPLAY: inline; TEXT-DECORATION: underline">May 5,&#160;2016</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stephen D. Foy</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vice President and Controller</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Gifford R. Zimmerman, certify that:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-CSR of Nuveen California Municipal Value Fund, Inc.;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;May 5, 2016</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Gifford R. Zimmerman</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gifford R. Zimmerman</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Stephen D. Foy, certify that:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-CSR of Nuveen California Municipal Value Fund, Inc.;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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):</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;May 5, 2016</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Stephen D. Foy</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stephen D. Foy</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vice President and Controller</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(principal financial officer)</font></div>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The undersigned officers of Nuveen California Municipal Value Fund, Inc. (the &#8220;Fund&#8221;) certify that, to the best of each such officer's knowledge and belief:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Form N-CSR of the Fund for the period ended&#160;February 29, 2016&#160;(the&#160;&#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date:&#160;May 5, 2016</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Gifford R. Zimmerman</font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Stephen D. Foy</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stephen D. Foy</font></div>

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<DOCUMENT>
<TYPE>EX-99.PROXYPOLICY
<SEQUENCE>4
<FILENAME>ex99proxypolicy.htm
<DESCRIPTION>PROXY POLICY
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nuveen Asset Management, LLC</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proxy Voting Policies and Procedures</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Date:&#160;&#160;January 1, 2011, as last amended October 27, 2014</font></font></font></div>

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</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Principles</font></font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nuveen Asset Management, LLC (&#8220;N<font style="DISPLAY: inline; TEXT-DECORATION: underline">AM</font>&#8221;) is an investment sub-adviser for certain of the Nuveen Funds (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Funds</font>&#8221;) and investment adviser for institutional and other separately managed accounts (collectively, with the Funds, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Accounts</font>&#8221;). As such, Accounts may confer upon NAM complete discretion to vote proxies.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">It is NAM&#8217;s duty to vote proxies in the best interests of its clients (which may involve affirmatively deciding that voting the proxies may not be in the best interests of certain clients on certain matters). In voting proxies, NAM also seeks to enhance total investment return for its clients.</font></font></font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">C.</font></font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If NAM contracts with another investment adviser to act as a sub-adviser for an Account, NAM may delegate proxy voting responsibility to the sub-adviser. Where NAM has delegated proxy voting responsibility, the sub-adviser will be responsible for developing and adhering to its own proxy voting policies, subject to oversight by NAM.</font></font></font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NAM&#8217;s Proxy Voting Committee (&#8220;PVC&#8221;) provides oversight of NAM&#8217;s proxy voting policies and procedures, including&#160;&#160;(1) providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws; and (2) approving the proxy voting policies and procedures.</font></font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Policies</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><br>
</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PVC after reviewing and concluding that such policies are reasonably designed to vote proxies in the best interests of clients, has approved and adopted the proxy voting policies of&#160;Institutional Shareholder Services, Inc.&#160;(&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">ISS&#8221;</font>), a leading national provider of proxy voting administrative and research services. As a result, such policies set forth NAM&#8217;s positions on recurring proxy issues and criteria for addressing non-recurring issues. These policies are reviewed periodically by ISS, and therefore are subject to change. Even though it has adopted ISS policies, NAM maintains the fiduciary responsibility for all proxy voting decisions.</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its policies and procedures in effect from time to time.&#160;&#160;Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client&#8217;s cost.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Supervision of Proxy Voting.&#160;&#160;</font>Day-to-day administration of proxy voting may be provided internally or by a third-party service provider, depending on client type, subject to the ultimate oversight of the PVC.&#160;&#160;The PVC shall supervise the relationships with NAM&#8217;s proxy voting services, ISS. ISS apprises Nuveen Global Operations (&#8220;NGO&#8221;) of shareholder meeting dates, and casts the actual proxy votes. ISS also provides research on proxy proposals and voting recommendations.&#160;&#160;&#160;ISS serves as NAM&#8217;s proxy voting record keepers and generate reports on how proxies were voted.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Conflicts of Interest.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following relationships or circumstances may give rise to conflicts of interest<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font>:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The issuer is a registered or unregistered fund for which NAM or another Nuveen adviser serves as investment adviser or sub-adviser.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any other circumstances that NAM is aware of where NAM&#8217;s duty to serve its clients&#8217; interests, typically referred to as its &#8220;duty of loyalty,&#8221; could be materially compromised.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NAM will vote proxies in the best interest of its clients regardless of such real or perceived conflicts of interest. By adopting ISS policies, NAM believes the risk related to conflicts will be minimized.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To further minimize this risk, Compliance will review ISS&#8217; conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer, even if a conflict described in III.B.1.a.-d is present.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If Legal concludes that a material conflict does exist for NAM, the PVC will recommend to NAM&#8217;s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Obtaining instructions from the affected client(s) on how to vote the proxy;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;</font></div>
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<td>Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person&#8217;s actual or potential conflict of interest; or</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) of any direct, indirect or perceived improper influence exerted by any employee, officer or director within the MDP affiliate or Fund complex with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to NAM&#8217;s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers within the MDP affiliate, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">be reviewed by NAM&#8217;s Legal Department for material conflicts. If the Legal Department determines that no material conflicts exist, the approval of one member of the PVC shall authorize the override.&#160;&#160;If a material conflict exists, the conflict and, ultimately, the override recommendation will be addressed pursuant to the procedures described above under &#8220;Conflicts of Interest.&#8221;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to generate incremental revenue, some clients may participate in a securities lending program.&#160;&#160;If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date.&#160;&#160;A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time.&#160;&#160;Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">E.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Proxy Voting for ERISA Clients.&#160;&#160;</font>If a proxy voting issue arises for an ERISA client, NAM is prohibited from voting shares with respect to any issue advanced by a party in interest of the ERISA client, and will rely on its ERISA clients to inform NAM of any actual or perceived client conflicts.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">F.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Proxy Voting Records.&#160;&#160;</font>As required by Rule 204-2 of the Investment Advisers Act of 1940, NAM shall make and retain five types of records relating to proxy voting; (1) proxy voting policies and procedures; (2) proxy statements received for client and fund securities; (3) records of votes cast on behalf of clients and funds; (4) records of written requests for proxy voting information and written responses from NAM to either a written or oral request; and (5) any documents prepared by the adviser that were material to making a proxy voting decision or that memorialized the basis for the decision.&#160;&#160;NAM may rely on&#160;ISS to make and retain on NAM&#8217;s behalf records pertaining to the rule.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the same proportion as the vote of all other shareholders of the acquired fund.&#160;&#160;If compliance with this policy results in a vote of any shares in </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a manner different than the ISS recommendation, such vote will not require compliance with the Proxy Vote Override procedures set forth above.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">H.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Legacy Securities.&#160;&#160;</font>To the extent that NAM receives proxies for securities that are transferred into an Account&#8217;s portfolio that were not recommended or selected by it and are sold or expected to be sold promptly in an orderly manner (&#8220;legacy securities&#8221;), NAM will generally instruct ISS to refrain from voting such proxies. In such circumstances, since legacy securities are expected to be sold promptly, voting proxies on such securities would not further NAM&#8217;s interest in maximizing the value of client investments. NAM may agree to an institutional account&#8217;s special request to vote a legacy security proxy, and would instruct ISS to vote such proxy in accordance with its guidelines.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">I.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Terminated Accounts.</font>&#160;&#160;Proxies received after the termination date of an Account generally will not be voted.&#160;&#160;An exception will be made if the record date is for a period in which an Account was under management or if a separately managed account (&#8220;SMA&#8221;) custodian failed to remove the account&#8217;s holdings from its aggregated voting list.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">J.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Non-votes.&#160;&#160;</font>NGO shall be responsible for obtaining reasonable assurance that proxies are voted and submitted in a timely manner.&#160;&#160;It should not be considered a breach of this responsibility if NAM does not receive a proxy from ISS or a custodian with adequate time to analyze and direct to vote or vote a proxy by the required voting deadline.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>In the case of SMAs, NAM may determine not to vote securities where voting would require the transfer of the security to another custodian designated by the issuer.&#160;&#160;Such transfer is generally outside the scope of NAM&#8217;s authority and may result in significant operational limitations on NAM&#8217;s ability to conduct transactions relating to the securities during the period of transfer.&#160;&#160;From time to time, situations may arise (operational or otherwise) that prevent NAM from voting proxies after reasonable attempts have been made.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PVC shall maintain a review schedule. The schedule shall include reviews of the proxy voting policy (including the policies of any sub-adviser engaged by NAM), the proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PVC will report to NAM&#8217;s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all Accounts, including those that are sub-advised.&#160;&#160;NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo.jpg
<TEXT>
begin 644 logo.jpg
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>william.jpg
<TEXT>
begin 644 william.jpg
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
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<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>nca.jpg
<TEXT>
begin 644 nca.jpg
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<DOCUMENT>
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<SEQUENCE>12
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>nvx.jpg
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