<SEC-DOCUMENT>0000891804-16-001560.txt : 20160729
<SEC-HEADER>0000891804-16-001560.hdr.sgml : 20160729
<ACCEPTANCE-DATETIME>20160729142856
ACCESSION NUMBER:		0000891804-16-001560
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160531
FILED AS OF DATE:		20160729
DATE AS OF CHANGE:		20160729
EFFECTIVENESS DATE:		20160729

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05235
		FILM NUMBER:		161793532

	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-Q
<SEQUENCE>1
<FILENAME>nca.htm
<DESCRIPTION>NCA
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Washington, DC 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FORM N-Q</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</div>

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

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

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

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333 West Wacker Drive, Chicago, Illinois 60606 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Vice President and Secretary</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333 West Wacker Drive, Chicago, Illinois 60606 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Registrant's telephone number, including area code: <font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date of fiscal year end:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2/29&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date of reporting period:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5/31/16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Portfolio of Investments</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nuveen California Municipal Value Fund, Inc. (NCA)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">May 31, 2016 (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Description (1)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Provisions (2)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">LONG-TERM INVESTMENTS &#8211; 99.7% (100.0% of Total Investments)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">MUNICIPAL BONDS &#8211; 99.7% (100.0% of Total Investments)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consumer Staples &#8211; 4.9% (4.9% of Total Investments)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$ 2,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/18 at 100.00</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">B2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$ 2,029,500</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">170</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">170,054</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,940</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/17 at 100.00</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">B&#8211;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,965,846</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 2007A-1, 5.000%, 6/01/33</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,570</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">B&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,630,476</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 2007A-2, 5.300%, 6/01/37</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,895</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/17 at 26.07</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">893,903</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">B&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,499,755</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 2005A-1, 5.500%, 6/01/45</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">17,075</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Consumer Staples</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">14,189,534</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Education and Civic Organizations &#8211; 0.8% (0.8% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">450</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/22 at 102.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">528,354</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Multiple Projects, Series 2014A , 7.250%, 6/01/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">690</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5/26 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">842,697</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">700</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Communities Development Authority, School Facility Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">814,387</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,840</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Education and Civic Organizations</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,185,438</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Health Care &#8211; 12.3% (12.3% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">285</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">337,081</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Refunding Series 2015A, 5.000%, 8/15/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">555</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">649,705</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Children&#8217;s Hospital, Series 2014A, 5.000%, 8/15/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">350</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">413,133</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2014A, 5.000%, 10/01/38</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">690</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Providence Health &amp; Services,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">807,134</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2014B, 5.000%, 10/01/44</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Rady Children&#8217;s Hospital &#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Diego, Series 2011:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">560</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 8/15/31</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">653,503</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">670</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.250%, 8/15/41</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">761,314</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/20 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,204,020</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.000%, 8/15/42</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,365</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,483,084</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.250%, 11/15/46 (UB)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,270</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Financing Authority, Certificates of Participation, Community Hospitals</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,326,523</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">of Central California, Series 2007, 5.250%, 2/01/27</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,390</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/26 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,656,174</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">University Medical Center, Series 2016A, 5.000%, 12/01/46</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,625</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,030,668</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2012A, 5.000%, 4/01/42</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,133,740</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 &#8211; AGC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,085,140</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Healthcare West, Series 2008C, 5.625%, 7/01/35</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,460</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,470,132</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2001C, 5.250%, 8/01/31</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,710</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,088,153</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">System, Series 1998A, 5.000%, 8/01/22 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,940</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Ba1</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,286,773</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.750%, 11/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,900</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/20 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Ba1</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,103,493</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.000%, 11/01/41</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,750</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,164,050</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">7.500%, 12/01/41</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">32,520</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Health Care</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">35,653,820</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Housing/Multifamily &#8211; 2.0% (2.0% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,010</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/20 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,124,807</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2010A, 6.400%, 8/15/45</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,060</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,206,004</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2012A, 5.500%, 8/15/47</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Affordable Housing, Inc. Projects, Series 2014A:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">65</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.250%, 8/15/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">74,194</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">175</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.250%, 8/15/49</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">198,984</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,255</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,257,977</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,045</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,046,766</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,610</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Housing/Multifamily</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,908,732</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Housing/Single Family &#8211; 0.7% (0.8% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,125</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,160,573</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">12/01/42 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Long-Term Care &#8211; 1.6% (1.6% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,399,880</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">The Institute on Aging, Series 2008A, 5.650%, 8/15/38</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">180</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Community Development Authority, Certificates of Participation, Internext</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">180,747</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Group, Series 1999, 5.375%, 4/01/17</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,180</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Long-Term Care</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,580,627</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Tax Obligation/General &#8211; 22.4% (22.5% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,750</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Antelope Valley Community College District, Los Angeles County, California, General Obligation</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa2</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,093,473</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Refunding Series 2015, 5.000%, 8/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Refunding Various Purpose Series 2013,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,211,870</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 2/01/29</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Refunding Series 2014,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,232,600</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 8/01/31</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Refunding Series 2015,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,668,700</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 8/01/34</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Series 2009:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.000%, 4/01/38</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,855,100</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.000%, 11/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,170,840</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3/20 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,333,620</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Series 2013:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 4/01/37</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,980,250</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 2/01/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,945,350</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,240</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 11/01/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,680,541</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State, General Obligation Bonds, Various Purpose Series 2014:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 5/01/32</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6,109,500</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,970</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 10/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,377,849</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">290</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Oceanside Unified School District, San Diego County, California, General Obligation Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/20 at 13.60</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">35,342</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Election 2008 Series 2010B, 0.000%, 8/01/49 &#8211; AGM Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Poway Unified School District, San Diego County, California, General Obligation Bonds, School</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,441,500</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 &#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,114,620</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Diego Unified School District, San Diego County, California, General Obligation Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AAA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,622,260</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11,875</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/36 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aaa</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10,304,056</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Election 2010 Series 2011A, 0.000%, 9/01/41 (4)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">20,860</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yosemite Community College District, California, General Obligation Bonds, Capital</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa2</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">13,925,926</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">74,485</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Tax Obligation/General</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">65,103,397</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Tax Obligation/Limited &#8211; 21.3% (21.3% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,001,740</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project Area, Series 2007, 5.375%, 6/01/27</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Series 2003:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.500%, 10/01/23 &#8211; RAAI Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,004,410</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.625%, 10/01/33 &#8211; RAAI Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000,770</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,301,150</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,250</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State Public Works Board, Lease Revenue Bonds, Department of Corrections &amp;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,491,888</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,158,090</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2009G-1, 5.750%, 10/01/30</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,389,120</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2009-I, 6.375%, 11/01/34</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,521,640</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2012G, 5.000%, 11/01/37</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,005</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 101.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,024,185</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Allocation Bonds, Series 2006, 5.000%, 9/01/38 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,037,330</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2007A, 5.000%, 9/01/23 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">750</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">761,835</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8,250</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9,757,110</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">675</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">689,918</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Irvine Unified School District, California, Special Tax Bonds, Community Facilities District</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Series 2006A:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">150</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 9/01/26</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">151,374</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">355</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.125%, 9/01/36</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">357,737</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Kern County Board of Education, California, Certificates of Participation, Series 2006A,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,507,300</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 6/01/31 &#8211; NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">750</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/19 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">849,780</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,520</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,127,482</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Capital Facilities Project II, Series 2012, 5.000%, 8/01/42</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">370</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">National City Community Development Commission, California, Tax Allocation Bonds, National</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">464,024</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">City Redevelopment Project, Series 2011, 6.500%, 8/01/24</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">140</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">170,121</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project, Series 2011, 6.750%, 9/01/40</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,910</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,933,699</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">2001-1, Senior Series 2013A:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">950</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.250%, 9/01/30</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,063,326</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">860</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.750%, 9/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">966,700</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">160</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/23 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">178,637</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">440</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">515,046</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2011A, 5.750%, 9/01/30</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">80</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">99,048</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Area, Series 2011B, 6.500%, 10/01/25</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,009,640</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2005, 5.050%, 9/01/30</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">50</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">57,040</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Marblehead Coastal, Series 2015, 5.000%, 9/01/40</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AAA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,172,810</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Refunding Series 2012A, 5.000%, 4/01/42</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">170</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">187,768</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Refunding Series 2014, 5.000%, 8/01/39</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,750</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,760,973</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project, Series 2001F, 5.000%, 9/01/20 &#8211; NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">780</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">812,744</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Project, Refunding Series 2006D, 5.000%, 8/01/23 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Project, Series 2006C:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">400</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 8/01/24 &#8211; NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">419,372</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">590</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 8/01/25 &#8211; NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">618,149</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">110</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">131,540</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">7.000%, 10/01/26</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,330</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,371,004</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">12/01/37 &#8211; RAAI Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">10/22 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,116,860</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 10/01/32 &#8211; AGM Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">590</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">591,463</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,730</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,755,639</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.375%, 7/01/21 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">190</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">232,260</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">56,305</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Tax Obligation/Limited</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">61,760,722</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Transportation &#8211; 8.8% (8.9% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,820</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BB+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,187,149</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Refunding Junior Lien Series 2013C, 6.500%, 1/15/43</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Refunding Series 2013A:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,945</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 1/15/42 &#8211; AGM Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,175,891</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,010</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.750%, 1/15/46</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,732,281</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,010</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">6.000%, 1/15/53</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB&#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,755,018</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,665</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5/25 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6,626,520</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/24 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,572,790</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">185</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Palm Springs Financing Authority, California, Palm Springs International Airport Revenue</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">185,220</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,210</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,409,880</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">(Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">21,845</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Transportation</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">25,644,749</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">U.S. Guaranteed &#8211; 17.9% (17.9% of Total Investments) (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,600</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Municipal Financing Authority, Certificates of Participation, Community Hospitals</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,650,064</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,050,680</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,511,265</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">8/01/36 (Pre-refunded 8/01/16) &#8211; NPFG Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,855</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aaa</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,168,217</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,525</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BB (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,698,667</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,500</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa2 (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,505,490</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) &#8211; FGIC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">18,475</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 64.56</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11,912,495</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,710</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Oceanside Unified School District, San Diego County, California, General Obligation Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/20 at 13.60</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">734,934</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) &#8211; AGM Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8,565</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8,524,402</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,130</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB&#8211; (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,275,352</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">14,950</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aaa</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">11,328,064</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">65</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A&#8211; (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">81,575</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Mission Bay South Redevelopment Project, Series 2011D:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">65</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">7.000%, 8/01/33 (Pre-refunded 2/01/21)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">82,244</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">80</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">7.000%, 8/01/41 (Pre-refunded 2/01/21)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2/21 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">BBB+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">101,223</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">625</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">San Mateo Union High School District, San Mateo County, California, Certificates of</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">12/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">667,025</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) &#8211;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,180,480</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">910</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA+ (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">943,697</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,320</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">8/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa3 (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,456,145</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,925</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Travis Unified School District, Solano County, California, Certificates of Participation,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">9/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A3 (5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,946,676</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Series 2006, 5.000%, 9/01/26 (Pre-refunded 9/01/16) &#8211; FGIC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">65,800</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total U.S. Guaranteed</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">51,818,695</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Utilities &#8211; 1.9% (1.9% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Statewide Communities Development Authority, Certificates of Participation, Rio</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">6/16 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/R</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,000,500</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,800</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,375,658</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2007A, 5.500%, 11/15/37</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/26 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Aa2</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,224,270</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2016A, 5.000%, 7/01/37</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">4,800</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Utilities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,600,428</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Water and Sewer &#8211; 5.1% (5.1% of Total Investments)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Resources Channelside LP Desalination Project, Series 2012:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,375</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 7/01/37 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Baa3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,526,030</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,675</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.000%, 11/21/45 (Alternative Minimum Tax)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">No Opt. Call</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">Baa3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">2,953,173</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">7/17 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">AA+</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">5,224,350</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">2007A-2, 5.000%, 7/01/44 &#8211; AMBAC Insured</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,850</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.500%, 1/01/33</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1,980,740</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt">5.500%, 1/01/38</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">1/18 at 100.00</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">3,192,870</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">13,900</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Total Water and Sewer</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">14,877,163</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$ 300,485</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Long-Term Investments (cost $253,675,865)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">289,483,878</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Floating Rate Obligations &#8211; (1.1)%</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">(3,240,000)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Assets Less Liabilities &#8211; 1.4%</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">4,147,696</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 9%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Assets Applicable to Common Shares &#8211; 100%</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 10%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">$ 290,391,574</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><br>
</div>

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

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Fair Value Measurements</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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&#8217;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.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 1 &#8211; Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 2 &#8211; Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 3 &#8211; Prices are determined using significant unobservable inputs (including management&#8217;s assumptions in determining the fair value of investments).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 the Fund&#8217;s fair value measurements as of the end of the reporting period:</div>

<table id="8547937e9797420283bf311abe0cbbc5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 40%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 1</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 2</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level 3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 40%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Long-Term Investments:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 40%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Municipal Bonds</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$289,483,878</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$ &#8212;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$289,483,878</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Income Tax Information</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of May 31, 2016, the cost of investments was $250,464,502.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2016, were as follows:</div>

<table id="85df1a67100b41eeb842230ed99e2d32" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.62%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.38%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 62.62%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Gross unrealized:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 37.38%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 62.62%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Appreciation</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 37.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$36,097,522</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.62%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Depreciation</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(317,516)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 62.62%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Net unrealized appreciation (depreciation) of investments</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; WIDTH: 37.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$35,780,006</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="a7bb7dea28854a6db7c5771ca92898dd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(1)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">All percentages shown in the Portfolio of Investments are based on net assets applicable to common</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">shares unless otherwise noted.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(2)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">may be subject to periodic principal paydowns.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(3)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ratings: Using the highest of Standard &amp; Poor&#8217;s Group (&#8220;Standard &amp; Poor&#8217;s&#8221;), Moody&#8217;s Investors Service,</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Inc. (&#8220;Moody&#8217;s&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;) rating. Ratings below BBB by Standard &amp; Poor&#8217;s, Baa by Moody&#8217;s</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">any of these national rating agencies.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(4)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Step-up coupon. The rate shown is the coupon as of the end of the reporting period.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(5)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">agency securities are regarded as having an implied rating equal to the rating of such securities.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(ETM)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Escrowed to maturity.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">(UB)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 91%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Underlying bond of an inverse floating rate trust reflected as a financing transaction.</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Item 2. Controls and Procedures.</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="4d8f9f669142411bb20c26a3dce56680" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 5%" valign="top" align="right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">a.&#160;&#160;</div>
</td>
<td style="WIDTH: 82%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table id="300eb07f0fdb422888918917dd6957e0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">b.&#160;&#160;</div>
</td>
<td style="WIDTH: 82%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</div>
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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Item 3. Exhibits.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.</div>

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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SIGNATURES</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Registrant)&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;Nuveen California Municipal Value Fund, Inc.&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<div style="TEXT-ALIGN: center">
<table id="fb1b504566664dda8b3fec8f83c6defe" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; WIDTH: 100%" cellspacing="0" cellpadding="0" bgcolor="white">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 11%">By (Signature and Title)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline; WIDTH: 89%">/s/&#160;Kevin J. McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 11%">&#160;</td>
<td style="WIDTH: 89%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Kevin J. McCarthy </font>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160; Vice President and Secretary</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
</div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<div style="TEXT-ALIGN: center">
<table id="6d7f098cd64e41c8bfae9b3277bf9bc6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'arial narrow'; WIDTH: 100%" cellspacing="0" cellpadding="0" bgcolor="white">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 11%">By (Signature and Title)</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline; WIDTH: 89%">/s/ Gifford R. Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="WIDTH: 89%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Gifford R. Zimmerman </font>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160; Chief Administrative Officer (principal executive officer)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 29, 2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline; WIDTH: 89%">/s/ Stephen D. Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Stephen D. Foy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Vice President and Controller (principal financial officer)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">I, Gifford R. Zimmerman, certify that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;</div>
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<div style="TEXT-ALIGN: left; 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;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</div>
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<div style="TEXT-ALIGN: left; 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:</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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;</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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;</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>
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<div style="TEXT-ALIGN: left; 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):</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;July&#160;29, 2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Gifford R. Zimmerman</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Chief Administrative Officer</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">(principal executive officer)</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">I, Stephen D. Foy, certify that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reviewed this report on Form N-Q of Nuveen California Municipal Value Fund, Inc.;</div>
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<div style="TEXT-ALIGN: left; 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;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</div>
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<div style="TEXT-ALIGN: left; 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:</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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;</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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;</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>
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<div style="TEXT-ALIGN: left; 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):</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;July 29, 2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Stephen D. Foy</div>

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